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Italian oil and petrochemical company Maire Technimont has signed a contract to implement detailed engineering and procurement in an Iranian petrochemical project.

Last week, Technimont signed the contract with an Iranian partner to cooperate in the construction of a petrochemical unit in Iran’s Pars Special Economic and Energy Zone, the National Iranian Petrochemical Company said in a report.

Polimeri Europa, the Italian chemical company, has already signed an agreement to provide the required technology for the project.

Iran signed its first economic memorandum of understanding with a European country after the nuclear agreement.

The deal was signed in Tehran on August 5 between the Trade Promotion Organization of Iran and the Italian Institute for Foreign Trade, after a meeting between Iranian Industry Minister Mohammad Reza Nematzadeh and Italian Economic Development Minister Federica Guidi.

Iran has announced that $185 billion investment is needed in upstream oil and gas sector, as well as $70 billion in petrochemical and $200 billion in optimizing energy consumer sectors to halve the energy intensity, which is two times more than global averages.

Several high ranking European delegations plan to visit the country in the near future to explore the avenues to promote trade ties with the Islamic Republic. The visits follow a breakthrough in Vienna last month by Iran and the P5+1 group of countries – the five permanent members of the Security Council plus Germany – over the Iranian nuclear program.

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