Iran Inks MoU with Italian Firms on Oil Drilling Projects

Iran Inks MoU with Italian Firms on Oil Drilling Projects

TEHRAN (Tasnim) – The National Iranian Drilling Company (NIDC) and two Italian oil and gas companies, Eni S.p.A and Saipem S.p.A., have reached an initial agreement to cooperate in joint projects, the deputy managing director of the NIDC announced.

“The NIDC has entered into talks with some European companies, including Italy’s Eni and Saipem and a memorandum of understanding (MoU) has been signed in the negotiations,” Mohammad Reza Takaydi said.

He farther predicted that the results of the ongoing talks with the Italian companies will be finalized and announced soon.

Elsewhere in his remarks, Takaydi pointed to other European companies’ willingness to work in Iran’s lucrative market, saying that a major German firm is also in talks with the NIDC to cooperate in drilling projects.

The remarks come against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion over the text of a comprehensive 159-page deal on Tehran's nuclear program.

The comprehensive nuclear deal would terminate all nuclear-related sanctions imposed on Iran after coming into force.

Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.

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