Irans Ambassador to Madrid Mohammad-Hassan Fadaeefard has said Tehran and Madrid enjoy favorable capacity for cooperation in the oil related sectors.

Fadaeefard said Iran and Spain can cooperate in various infrastructural projects, including oil, gas and petrochemicals.

Addressing a meeting, attended by representatives of Spanish banks and companies and commercial attaches of foreign embassies in Madrid, Fadaeefard referred to good and historical relations between Tehran and Madrid and also to five billion euro worth commercial and economic transactions.

He said implementation of the Joint Comprehensive Plan of Action (JCPOA) marks a turning point in revival and further expansion of economic relations between Iran and Spain.

He said Iranian and Spanish companies and industries can cooperate especially in commissioning various infrastructural projects, including those falling in the fields of gas, oil and petrochemical.

Irans market of 80 million and that of 400 million in the neighbors provide political stability and security, high profit of investment and proper laws in support for entrepreneurs.

He hoped that Spanish credit institutions and banks will seize the opportunity and support investors and industries.