On the Condotte website, a notice reads that Condotte subsidiary, Gavio Group, “signed MoUs (Memorandum of Understanding) with some of the main Iranian construction company for the joint development of large infrastructure projects in the transport/railways sector with a total value of about 4 billion euros.”  Gavio Group Chairman characterized the deal as “a starting-point to go in the surrounding areas [beyond Tehran]…. ”  (Condotte Website, “IRAN:  CONDOTTE FIRMA ACCORDI PER 4 MILIARDI DI EURO,” 2/3/2016). 


Condotte “has had previous business in Iran, including at the port complex at Bandar Abbas.”  (Iran Business News, “Condotte d’Acqua in 4b EUR deal,” 1/27/2016).


Condotte “would sign agreements for project with Iranian companies worth as much as 4 billion euros ($4.33 billion), a company spokesman said.” A Condotte spokesman confirmed, “[w]e are signing accords with the primary Iranian companies for infrastructure, rail and highway projects that have a maximum value of 4 billion euros.” (Reuters, “Italy’s Condotte Acqua will sign accords with Iran for up to 4 billion euros: company,” 1/25/2016).