Iran’s Petropars, the Pars Special Economic Energy Zone (PSEEZ), and Italy’s Stinnes Interoil Italia Srl inked a deal to develop a new oil field in southern Iran, according to Mohamed Javad Shams, Petropars Managing Director, the Iranian news agency, SHANA, reported.

In the first phase of the memorandum of understanding (MoU), which will take eight months, the three partners will run feasibility studies and the Italian partner will act as an investor in the project, Fars News reported.

Shams said after signing the MoU with his partners in Tehran that “this is the first document signed to carry out feasibility studies for development of Pars 3 region in Iran.”

Investing previously in the construction of ports in Africa, Shams said that Interoil contacted Petropars to cooperate with the Islamic Republic.

 To date, several foreign companies have shown interest to cooperate with Iran to construct technical petroleum equipment. In addition,  Royal Dutch Shell restarted trade with Tehran after the lifting of sanctions, becoming the second largest oil firm to resume purchasing Iranian crude oil.