Iran, Italy to sign mining co-op documents worth €5B

Business Materials 25 January 2016 15:33 (UTC +04:00)

Baku, Azerbaijan, Jan. 25

By Fatih Karimov - Trend:

Iran and Italy will sign documents for investment in the mining sector, worth five billion euros during Iranian President Hassan Rouhani's visit to Italy scheduled for Jan. 25, Mehdi Karbasian, Iran's deputy minister of industry, mines and trade said.

Based on the prepared memorandums of understanding (MOU) the Italian side will up for make 60 percent of the joint investment, while the Iranian side will handle the remaining 40, Karbasian said, the IMIDRO website reported Jan. 25.

Earlier it was reported that Italian SMS INNSE S.p.A company has expressed readiness to invest some 1.5 billion euros to produce steel pipes in Iran via forming a joint company.

The Italy's Danieli and Fata companies also reportedly have presented Iran with offers worth 4 billion euros for the country's steel and aluminum sector.

Danieli and FATA have been both involved in several of Iran's steel and aluminum projects over the past 25 years. The projects have all been carried out through (Engineering, Procurement, Construction and Financing (EPCF).

Karbasian, who heads the IMIDRO, further said that Iran's IRITEC (Iran International Engineering Company) and Mobarakeh Steel companies have prepared documents for cooperation with Italian partners in various fields including construction of power plants.

The documents are expected to be discussed during the Rouhani's visit to Italy as well, he added.