Italy’s Fata inks $543m Iran power deal

expat network

Italy’s Fata inks $543m Iran power deal

Italy’s Fata, the engineering unit of the industrial group Finmeccanica, has signed a 500 million euro contract with Ghadir Investment Company to build a power plant in Iran.

According to a spokesman for the company, the deal was signed during Italian Foreign Minister Paolo Gentiloni’s visit to Tehran earlier this week at the head of a delegation of government officials and business leaders.

During the visit, Italy agreed to provide funding and insurance coverage for industrial, construction and infrastructure projects worth at least 3 billion euros in Iran.

“By the next three years, a credit line of at least 3 billion euros will be opened for the implementation of important projects in Iran,” Italy’s Economic Development Minister Federica Guidi said in Tehran.

For the projects, Italy’s investment bank Mediobanca and its development ministry and export credit agency SACE signed an MoU with Iran’s economy ministry and central bank.

The memorandum will be executed upon the removal of the sanctions, with Mediobanca providing credit and SACE insurance for projects in Iran.

On Saturday, Eni Chief Executive Claudio Descalzi was quoted as saying that his company was looking to resuming oil sales from Iran.

“Iran’s oil is highly desirable for our refineries and Eni welcomes purchasing crude from Iran after the annulment of sanctions,” the Iranian Ministry of Petroleum’s Shana news outlet quoted him as saying in Tehran.

Descalzi accompanied FM Paolo Gentiloni and Italy’s Economic Development Minister Federica Guidi in the visit to Tehran.

Eni reportedly seeks to return to the Darkhovin oilfield which it left in 2010 to avoid US sanctions for business with Iran.

“We are currently examining the situation and awaiting the annulment of the sanctions. But it is still early to talk about which projects we want or which companies we want to cooperate with,” Shana quoted Descalzi as saying.

Source: PressTV

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.