BEIRUT May 24 Iran has signed a contract worth
more than 550 million euros ($615 million) with Spain's Tubacex
to buy corrosion resistant alloy (CRA) pipes for its
oil industry, the oil ministry's news agency reported on
The contract was signed with Iran's Foolad Isfahan company
which will take over production of the pipes completely within
three years, the SHANA agency reported. The deal will lead to
the production of 600 kilometers of pipe.
Iranian oil minister Bijan Zanganeh said CRA pipes were
extremely difficult to obtain while sanctions were still in
place. An agreement between Iran and Western powers led to a
number of sanctions being lifted in January 2016 in exchange for
curbs on the country's nuclear programme.
"If sanctions were still in place we would not have been
able to sign such a deal," Zanganeh said, according to SHANA.
Anton Azlor, a Tubacex director, said the deal had taken
approximately a year and half to negotiate and that the company
is interested in doing more work in Iran, SHANA reported.
Zanganeh said that the signing of the deal had been delayed
until after Iran's presidential election so that the oil
ministry would not be accused of trying to sway the results.
Iranian president Hassan Rouhani was re-elected on Friday
with 57 percent of the vote.
($1 = 0.8947 euros)
(Reporting by Babak Dehghanpisheh; editing by Alexander Smith)