Italy says Iran deals at no 'Trump risk'

Italy says it expects no risks to major industrial deals it has sealed with Iran after Donald Trump takes office as the president of the United States.

Italy’s Industry Minister Carlo Calenda was quoted by media as saying that the country expects the agreements that the oil giant Saipem and steel firm Danieli have signed with the Islamic Republic to go ahead as planned. 

Calenda told Reuters that he would visit Iran in early 2017 along with Economy Minister Pier Carlo Padoan. 

The issue of funding investment, which Tehran complains has been held up by continued U.S. sanctions restricting Iran's access to the international banking and financial system, would be high on the agenda, he said.

Saipem signed a deal with Iran earlier this year worth between $4 billion to $5 billion to build a 2,000-kilometer pipeline in the country.  It has also signed several basic agreements with Iran over the development of a gas field as well as the revamping of refineries. 

Danieli has also signed agreements worth about €5.7 billion in total with Iran over the establishment of a joint steel production venture with Iran as well as the supplying of machinery and plants to Iran.

The election of Trump as the next US president has already created fears – mostly among European investors – that he would materialize his campaign threats to send Iran back into the cold by renegotiating a landmark nuclear deal sealed with the country by the permanent members of the Security Council plus Germany – the so-called P5+1.   

The deal envisages the removal of sanctions against Iran in return for steps taken by the country to limit certain aspects of its nuclear energy activities. 

SS