Source: Press TV
ANAS, Italy's state-owned national roads and highway construction company, says it has signed a major deal with Iran to construct what could be a strategic highway connecting one of the country's key ports on the shores of the Persian Gulf to the border point with Turkey.
The deal which is estimated to be worth £3.6 billion has been reportedly signed on Thursday between ANAS and Iran's Ministry of Roads and Urban Development, Reuters reported.
It was a follow-up to a memorandum of understanding that was signed in February.
The length of the projected highway will be 1,200 km (745 miles) and its first stretch covering 350 km will be completed by 2022 at a cost of £600 million.
It will link Iran's Bandar Imam Khomeini to Bazargan on the border with Turkey.
Italy has worked hard to secure lucrative deals in Iran following the removal of nuclear-related sanctions against Iran in January.
Italy's steel major Danieli has already won a major agreement to produce steel and aluminum in Iran. Also, two of the country's oil companies, Saras SpA and Iplom SpA, recently signed long term contracts with the National Iranian Oil Company (NIOC) to purchase crude oil from Iran.
Iranian President Hassan Rouhani made Italy his first stop in Europe in January as he sought to drum up investment in the Iranian economy, while Italian Prime Minister Matteo Renzi visited Tehran in April with a large business delegation.
A yet another major business delegation is expected in Tehran soon to explore the avenues for post-sanctions investments in the Islamic Republic.
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