Fincantieri signs framework accords with Iranian companies

Italy's Fincantieri has signed a number of framework agreements with Iranian companies, including one for the construction of merchant vessels.

The agreements were signed in Rome this week during an official visit by Iranian President Hassan Rouhani, and follow the United States and others' intent to lift some sanctions against Iran.

Fincantieri said one agreement for cooperation and development was reached with Azim Gostaresh Hormoz Shipbuilding Industry Co. for a new shipyard in Iran's special economic zone.

AGH is controlled by the larger Iran Shipbuilding and Offshore Industries Complex Company, which is under the administration of the Industrial Development & Renovation Organization of Iran, one of Iran's largest organization involved in the country's development and industrialization process.

The agreement between Fincantieri and AGH includes cooperation on the building of new merchant vessels and offshore units for ship repairs, conversions and ship refitting activities.

Fincantieri subsidiary Isotta Fraschini Motori signed an agreement with Iran's Arka Tejarat Qeshm for the set-up of a joint proposal for the supply of 600 marine engines for smaller vessels.

A Fincantieri-connected company, meanwhile, signed an agreement with an Iranian company for a possible joint proposal to supply Iranian Railway with 70 shunting locomotive engines.