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Italy’s Saipem sees Iran Petroleum Contract as an improvement

Italy’s Saipem sees Iran Petroleum Contract as an improvement

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Date: 15 December 2015 10:42

Tehran, Iran, December 13

By Mehdi Sepahvand –- Trend:

Italian oil and gas industry contractor Saipem S.p.A. (Società Anonima Italiana Perforazioni E Montaggi) sees Iran’s recently introduced oil contracts called Iran Petroleum Contract (IPC) as an improvement.

The contracts are more appealing than before and much more promising, Saipem Onshore Business Unit Iran Commercial Vice President Paolo Carrera told Trend December 13.

Saipem is a subsidiary of Italian energy company Eni, which owns approximately 43 percent of Saipem's shares. Saipem has contracted for designing and constructing several pipelines, including Blue Stream, Greenstream, Nord Stream and South Stream.

The IPCs assert that foreign companies which are to work Iran should pick an Iranian partner for carrying out the executive part of the project.

“We have succeeded in finalizing different agreements with both clients and partners in Iran. We have been in Iran for 30 years and have strong relations from that time and we are rebuilding them,” he said on the sidelines of the 12th Iran Petrochemical Forum in Tehran.

The only problem is financing the projects, and it is necessary to cooperate with finance institutions, Carrera said.

He added that his company is looking for large projects “at the billions” of dollars.

Representatives of a total number of 465 companies, including 368 local and 97 foreign companies from 25 world countries have attended the two-day forum.

Iran’s National Petrochemical Company (NPC) will use the event to unveil its post-sanctions projects and plans for further expanding the Iranian petrochemical output capacity from its current 60 million metric tons per year to over 138 million metric tons per year in 2020 and eventually to 180 million metric tons per year by 2025 with an investment of over $80 billion.

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