Italy Most Serious European Partner for Iran

15:30 (Wednesday, February 10, 2016)

President of Italian Trade Agency says there is much appetite for entering Iran by Italian companies now that sanctions on Tehran's nuclear agenda have been lifted by the international community.
Speaking with Shana, Riccardo Maria Monti said 100 billion dollars is the Iranian government is planning to enhance the energy sector mainly oil and gas sector which makes a huge potentiality in the sector.
"The potential is huge, the country has the biggest, as the vice minister said, the biggest oil and gas reserves in the world but it's already the 18th producer," he said.

 

"Today Iran produces 1.5 million barrels per day that can go up to 2.6 or 2.7 mb/d in the next years. All these encompass a massive deal of infrastructures; Italy is a world leader in almost every technology from the valves to special pipes to optimization of drilling rigs to help in this program. So this is mainly a business encounter for Italian companies. Of course in order to fulfill these massive activities, Italian companies are planning to setup directories including maybe manufacturing activities," he added.
Of course these will depend heavily on the regulation and the mechanism of the JV which will be needed, so, definitely, the Italian companies are here to explore both the market in terms of understating which are the more interesting projects, he said, adding that they are looking at possible partners for doing business and also studying the regulations to decide when and how in which format to invest in Iran.

"On the manufacturing side, we have heard there will be no particular limitations in terms of the ownership structure regarding the oil operation probably there will be no limitations in terms of percentage of ownership 51-49. But Italian companies are very confident that they can work very well in Iran and they find competent and serious counterpart in almost every part of the value chain of oil. "
Regarding the current level of trade between Iran and Italy, he said: "In the past we were the biggest client of Iran on the first European partner. There was a very unbalanced trade because we were importing five billion dollars of oil and exported only one billion dollars of machinery and equipment. I believe in the future specially with the lower oil price we can build a much more balanced trade. Iran is a much diversified economy so we expect to expand the cooperation in the agricultural sector, and the healthcare. My personal target is that we can have between 4 or 5 billion dollars of trade in three years and they could be balanced between the two countries. "

"We are investing very heavily on the country this is the 5th high level meeting in 6 months, the third in a little more than two and a half months. I don't think anyone is friendlier with Iran and also Italian companies have a lot of existing relationship we are trying to revamp so I think it is a race but Italy is in a very good position," he further said.

The news link: http://www.shana.ir/en