The Mountain Herald

Business | World

Europe racks up billions in deals with Iran now that sanctions are lifted

January 28
23:40 2016

Europe is racking up billions in deals with oil-rich Iran as its president, Hassan Rouhani, makes a goodwill tour less than two weeks after the lifting of international sanctions on the Islamic Republic. Iran is looking to boost its economic ties to the West now that it is allowed to negotiate business deals as a reward for complying with curbs on its nuclear program.635636572610664700-EPA-FILE-GERMANY-ECONOMY-EUROPEAN-CENTRAL-BANK-RATES

Here are details of some of the lucrative agreements:

• France’s Peugeot-Citroen announced a deal with Iranian automaker Khodro on Thursday to produce 200,000 cars a year in Iran. The deal, which will see the first cars produced in 2017, is worth $436 million, Peugeot-Citroen said.

• French energy company Total said Thursday it will sign a deal to buy crude oil from Iran, AFP reported.

• Airbus will deliver 118 passenger planes to Iran Air, as well as provide pilot and maintenance training, Airbus announced Thursday in France.

• France’s state rail company SNCF signed a deal with its Iranian counterpart, La Tribune reported.

• French Prime Minister Manuel Valls said deals would be signed in health, agriculture and the environment.

• Iran and Italy on Tuesday signed up to $18 billion in deals covering sectors including health, agriculture, infrastructure and energy.

• General Electric is in talks on entering the Iranian market, The Tasnim News Agency in Iran reported Tuesday.

• Rouhani struck a deal with Italian oil services group Saipem  that is worth between $4 billion and $5 billion, according to Reuters.

• Iran awarded up to $6.2 billion in contracts to Danieli, an Italian steel firm that makes heavy machinery.

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