Italy firms propose €4bn plans to Iran
5 November 2015
Iran has announced that it has received a proposal from Italy over a major investment in its steel and aluminum production projects.
The announcement has been made through a statement by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
The Organization – which is the engineering arm of Iran’s Ministry of Industry, Mining and Trade – said the proposal has been proposed during a meeting between the top directors of Italy’s leading steel player Danieli and FATA with IMIDRO Chairman Mehdi Karbasian.
IMIDRO added that Danieli CEO Gianpietro Benedetti has told Karbasian that the two companies are willing to invest as much as €4 billion in Iran’s steel and aluminum projects.
This comes as Italy is preparing to host Iran’s President Hassan Rouhani who will visit Rome in the near future.
The two sides have based on IMIDRO statement arrived at an early agreement to establishment of a joint company to establish two iron ore processing plants with a share of 60 percent for the Italian side and 40 percent for the Iranian side.
Danieli and FATA have been both involved in several of Iran’s steel and aluminum projects over the past 25 years, added IMIDRO in its statement. The projects have all been carried out through (Engineering, Procurement, Construction and Financing (EPCF).