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Sehaty Foreign Exchange

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Ansaldo signs Euro 840 m Iranian gas deal

July 21, (European Report) - Ansaldo Energia, a unit of Italian state engineering group Finmeccanica , has signed a 1.6 trillion Lire (Euro 840 million) gas deal with Iran Power Development.

The contract, won by Ansaldo after an international tender, is to supply 30 gas turbines, generators and auxiliary equipment for seven open cycle plants, Ansaldo said in a statement.

The turbines and equipment will be supplied in three phases and will be completed in six years.

Ansaldo did not give the capacity of the turbines but Iranian news agency IRNA said in May it would be 4,700 megawatts.

The first phase, to provide 12 gas turbines worth 640 billion Lire, will be launched in September and will last two years.

Ansaldo said delivery would represent the first use of a Euro 1.2 billion export credit line extended to Iran last year by investment bank Mediobanca with the Iranian central bank and underwritten by Italian state credit agency SACE.

The second phase will be launched in November 2000 and foresees the provision of 10 gas turbines worth 580 billion Lire.

The third phase, to supply 8 turbines worth 385 billion Lire, will start in September 2002. Ansaldo said the move to the second and third phases is conditional upon "events which permit the full operation of respective financial and insurance cover".

The deal was one of several agreed between Iran and Italian companies during Iranian President Mohammad Khatami's visit to Italy last March.


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