Iran has clinched its first post-sanctions refining deal – a memorandum of understanding (MOU) announced by Italy’s Saipem on 25 January for revamping and upgrading the Shiraz and Tabriz plants. It was preceded by a Hellenic Petroleum supply agreement and followed by another Saipem deal for pipelines (see p2).

Saipem says the refineries agreement, signed in the presence of Iranian President Hassan Rohani and Italian Prime Minister Matteo Renzi, concerns “potential...