Iranian and Italian industrialists signed a contract to jointly invest in construction of a factory to provide strategic oil industry items. The deal was signed on the sidelines of a joint meeting between Iranian and Italian businesses in Tehran to discuss joint ventures and cooperation in a ban-free Iran. Accordingly, the two sides agreed to educate manpower and form petroleum research centers in Iran and the neighboring countries. The MoU stresses partnership with renowned Iranian companies in formation of the factories. This was the second meeting of Iranian and Italian industrialists. During the meeting Deputy Petroleum Minister for International Affairs and Commerce Amir-Hossein Zamani-Nia said that Iran’s objectives for participation of Italian firms in its oil industry are attraction of capital as well as transfer of technology and management knowledge. He referred to the recent visit of President Hassan Rouhani to Italy and France and said that it was significant and meaningful since it followed implementation of the nuclear Joint Comprehensive Plan of Action (JCPOA). “Italian and Iranian firms and business people in the field of oil, gas and energy optimization are scheduled to meet on Wednesday,” he added, “Iran now has the right to select its partners in the oil projects.” Italian ambassador to Tehran, for his part, said that President Hassan Rouhani’s visit to Rome was a success adding that Italy wants to establish a regional hub of oil industry equipment through Iran’s cooperation. “Italian firms want to have an effective presence in the oil markets of Iran and the region and to establish a kind of oil equipment hub here to gain the regional market,” Mauro Conciatori told participants of the joint meeting. “Today, some 300 economic activists representing 200 established Italian companies are present in the second meeting of the two countries’ economic activists,” he said.