Iran favors Italy for post-sanction return
President Hassan Rouhani says Iran welcomes Italian companies in its oil and gas sector which has a massive development plan worth $185 billion in the post-sanction era.
"Considering that some Italian firms have had cooperation with Iran in oil, gas and heavy industries, the ground is more prepared for their operation in Iran's economy," Rouhani told Italian Prime Minister Matteo Renzi in New York.
The two men held talks on the sidelines of meetings at the UN headquarters.
The Iranian president said Italy may be among the early entrants in the oil and gas business in Iran after sanctions are lifted.
"There are numerous areas of investment in Iran from the oil and gas sector to the petrochemical, transport, industries and mine sectors," Rouhani said.
Eni had built strong relationships with Iran through work in the country's oil and gas fields as well as crude oil purchases before halting them under the sanctions.
The Italian oil and gas major halted operations in Darkhovin, mainly in 2010, to avoid US sanctions for business with Iran. It had signed a $550 million deal to produce 160,000 barrels per day of oil from the field in two phases.
It also had a stake in the development of Doroud oilfield on the Khark island and Balal in the Persian Gulf.
Eni is reportedly vying for the third phase of the project to add a further 100,000 bpd to output from Darkhovin.
Eni Chief Executive Claudio Descalzi visited Tehran in August along with Italian Foreign Minister Paolo Gentiloni and Economic Development Minister Federica Guidi.
“Iran in terms of oil and gas is a huge and big country, very interesting, but we need to wait,” Descalzi has said.
In Tehran, Guidi said Italy wanted to revive its $6.4 billion trade balance with Iran of before sanctions.
Iranian Minister of Petroleum Bijan Zangeneh has said Italian companies were among those in Europe expected to reinvest in Iran.
"By removal of the sanctions, Iran will be able to export its oil as feedstock for Italian refineries," he has said.
"Before the sanctions, Italian companies had a successful presence in construction of petrochemical plants, transfer of technical know-how, manufacturing of equipment and financing petrochemical projects in Iran."
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