Published on June 13, 2018
Italian energy company Saipem plans to work with Iranian energy market despite U.S. sanctions concerns.
As per report, Iranian petrochemicals executives meet on the sidelines of the PLAST plastics and rubber exhibition in Milan with executives from Saipem. Both sides discussed cooperation in sectors ranging from refining and licensing agreements at various petrochemical facilities in Iran.
Saipem officials said they were interested in cooperating with Iranian petrochemical companies against feared re-imposition of U.S. sanctions on Tehran after Washington's pullout of the Joint Comprehensive Plan of Action, the nuclear deal Iran clinched with the P5+1 group of countries back in 2015.
Iran has been trying to salvage the nuclear agreement with the remaining Chinese, European and Russian parties. U.S. sanctions pressures, however, would make it difficult to maneuver in the Iranian energy space because of the subsequent financial restrictions.