Italy and Iran signed several deals potentially worth billions during Prime Minister, Matteo Renzi’s, visit to Tehran in April in which both countries expressed their desire to restore their mutual ties following this year’s lifting of nuclear sanctions on Iran.
The agreements included plans for cooperation between Italian electricity and gas company, Enel, and the National Iranian Gas Export Company, the Iranian state news agency IRNA reported, according to ABC News.
Enel explained the Memorandum of Understanding lays out details for possible cooperation involving natural gas, liquefied natural gas and related infrastructure. The agreement could include information-sharing, studies, analysis, and training, “as well as exploring future opportunities for long term supplies,” Enel added.
Italian Saipem also signs MoU for the development of Iran’s Toos Gas field Project. The MoU envisages discussions aimed at potential cooperation on the Toos Gas Field Development Project, located 100km northeast of Mashhad. The gas field, holding over 60bcm of gas in place, has the capacity to produce some 4mcm/d of gas, informed Zawya.
The development project encompasses the drilling of five firm plus two optional wells, and the design and construction of all upstream gas production facilities and those for transportation and processing.
It was also reported that the two countries agreed to build several biomass, solar, and geothermal power plants. However, the financial terms were not disclosed.
Further, other deals include a car component agreement with Danieli Group, an agreement with the Milan Airports company to renovate a domestic airport in Tehran, and another focused on promoting tourism.
The Italian leader was accompanied by a delegation of some 60 business leaders in sectors including energy, railways, and defense, and by Italy’s export agency and state lender which pledged billions of euros in credit lines and guarantees, Reuters reported.