Italy

"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...European export credit agencies are guaranteeing trade finance for Western companies doing business with Iran. Italian export credit agency SACE has also undertaken its first small transactions with Iran."The lingering risks should not be underestimated, however, as they might create problems ... legal, documentary, operational, for companies interested in building or restoring commercial or financial relationships with local counterparties," a SACE spokesman said." (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).

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"During the Italian Government’s business mission to Iran, SACE signed three collaboration agreements with the major Iranian private banks - Bank Pasargad, Bank Parsian and Saman Bank - aimed at facilitating a more rapid and effective resumption of trade and investments in the Country, once the implementation day has been reached." (November 30, 2015).

"Iran is holding an international oil, gas, and petrochemical industrial exhibition in which a strong sense of hope prevails regarding the future possibility of Iran-world business boom as the country is now free of sanctions. However, a general inquiry from various companies which have set up booths around the fairground tells of one running theme: the banking problems that still hinder transfer of money to or from Iran. 'Banking is a real problem. We have many projects that are currently let down because Iranian companies have no financer,' Roberto Epicoco, manager of projects at the Italian Skem industrial consultation firm told Trend May 7. He pointed out that his company is overseeing many petrochemical projects in Iran, including a major one in the production of polyolefin, all of which are waiting for banking relations to be established." (Trend News Agency, “Iran’s international oil show: Participants under spell of banking problem,” 5/8/2016)

"Fincantieri reports that it has signed a number of framework agreements with Iranian companies. It says these "preliminary understandings are prior to the accomplishment of several contracts worth some hundred million euros and to the potential development of joint activities. The understandings include a cooperation and development agreement with Azim Gostaresh Hormoz Shipbuilding Industry Co (AGH), which Fincantieri says is "a modern and new shipyard, strategically located in the Persian Gulf within the special economic zone." (January 27, 2016).

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"European companies are promising billions in new deals in Iran—€5.7 billion from Italian steelmaker Danieli and more than €300 million from French car builder PSA Peugeot Citroën, among others—as Iranian President Hassan Rouhani works to revive trade and political ties on the Continent this week. Mr. Rouhani landed in Rome on Monday on his first overseas trip since the European Union lifted sanctions on Jan. 16 in return for Tehran’s implementation of key restrictions on its nuclear program. The trip will take Mr. Rouhani from Vatican City—marking the first meeting between an Iranian president and a pope since 1999—to the gilded halls of Paris’s Élysée Palace. With a number of U.S. sanctions still in place, European countries are moving quickly to re-establish ties to sell everything from consumer goods to aircraft. Italian and Iranian companies signed deals valued at about €17 billion ($18.36 billion) late Monday ahead of a formal dinner between Mr. Rouhani and Italian Prime Minister Matteo Renzi. Earlier in the day, Italian steel firm Danieli said it would sign deals valued at about €5.7 billion during the visit. Other firms signing agreements on Monday included oil-field services company Saipem SpA, energy group Ansaldo Energia and ship maker Fincantieri SpA... In France, auto makers, airport operators and construction firms were primed for a raft of accords when Mr. Rouhani visits French President François Hollande on Thursday. French car maker Peugeot is expected to complete an agreement to manufacture cars in Iran as part of a 50-50 joint venture with auto maker Iran Khodro valued at more than €300 million, according to a person familiar with the matter... In opening its doors for business, however, Tehran is demanding European firms locate technological know-how and factories inside Iran to revive the country’s hobbled job market. Another key plank of Iran’s ambitions is the revamping of its creaky aviation industry. Iranian officials say they plan to buy more than 100 new jets from Airbus Group SE to replenish the country’s small and poorly maintained commercial passenger fleet. Mr. Rouhani’s meeting with Mr. Hollande in Paris on Thursday is timed to the unveiling of about €400 million in contracts to expand Iran’s aging airports for increased tourism and business traffic, one of the people familiar with the matter said. Tehran is expected to tap French airport operator Aéroports de Paris and construction-and-media conglomerate Bouygues SA to design and build a new terminal at Tehran’s Imam Khomeini International Airport, according to the people. French construction firm Vinci SA will develop and operate airports in Mashhad and another Iranian city, the people said... Just minutes after Mr. Rouhani landed in Rome, Italian airline Alitalia SpA said it would boost the number of flights between Rome and Tehran from four times a week to daily, starting March 27." (Wall Street Journal, “Iran President Visits Europe to Seal Post-Sanctions Deals Worth Billions,” 1/25/2016)

"A senior Italian official said companies in Italy would sign about €17bn worth of deals when Mr Rouhani comes to Rome on Monday on the first leg of his European tour. Among the beneficiaries would be pipeline company Saipem with €5bn in contracts, as well as Danieli, a supplier to the metals industry, Condotte, a water infrastructure company, and Coet, a construction company. Shipbuilders Gavio and Fincantieri were also set to sign deals, the official said... The Italian official said the agreements to be signed on Monday were 'just the beginning' and top executives from several other large Italian companies, such as Eni, Enel, Finmeccanica and Ferrovie dello Stato, would also participate in the meetings in Rome to iron out potential deals." (Finacial Times, “Iran plans to buy 114 Airbus jets on Rouhani’s Europe visit,” 1/24/2016)

"Beside FS, oil major Eni, electricity and gas distributor Enel, oil contractor Saipem, steel firm Danieli, infrastructure firm Condotte d'Acqua, rail and road company Gavio, and airplane manufacturer Finmeccanica are the companies which have undertaken big ticket investment plans in Iran." (July 2017)

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"A senior Italian official said companies in Italy would sign about €17bn worth of deals when Mr Rouhani comes to Rome on Monday on the first leg of his European tour. Among the beneficiaries would be pipeline company Saipem with €5bn in contracts, as well as Danieli, a supplier to the metals industry, Condotte, a water infrastructure company, and Coet, a construction company. Shipbuilders Gavio and Fincantieri were also set to sign deals, the official said... The Italian official said the agreements to be signed on Monday were 'just the beginning' and top executives from several other large Italian companies, such as Eni, Enel, Finmeccanica and Ferrovie dello Stato, would also participate in the meetings in Rome to iron out potential deals." (Finacial Times, “Iran plans to buy 114 Airbus jets on Rouhani’s Europe visit,” 1/24/2016)

According to a 2021 Landi Renzo Interim Management Report, Landi Renzo Pars Private Joint Stock Company has an office in Tehran, Iran.

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Landi Renzo maintains an office in Tehran, Iran, and a relationship with an Iranian dealer, Dana Pishro Puyva Company.  (Landi Renzo Website, “Iran”).   "Landi Group operates since 1954 in the equipment segment for CNG (natural gas vehicles) and LPG (Liquefied Petroleum Gas). It is made by companies Landi Renzo SPA, LR Industry and Commerce Ltda (Brazil Landirenzo) EUROGI (Netherlands), Med (Italy), Landirenzo Polska (Poland), SRL Landi, Landi Beijing (China), Landirenzo Pakistan (Pakistan) and Landirenzo IRAN (Iran)." 

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"For some foreign companies, it has been a waiting game. They stayed in Iran when the sanctions hit and, like Fanaei in Qatar, put up with the bad times in the hope that the good times would eventually return. Landi Renzo, an Italian producer of autogas and compressed natural gas kits for cars, saw annual revenues in Iran sink from about 35 million euros to about 3 million when sanctions hit, said Pierpaolo Marziali, the firm's head of mergers and acquisitions. There were no Western banks ready to offer guarantees and letters of credit, and the sharp decline of Iran's currency under sanctions made matters worse. 'But we stayed the course and never stopped producing, albeit at minimal levels, and that's put us in a strong position now since we have a kind of preferential channel. Our staff is regularly in Tehran and we're looking forward to relaunching production,' Marziali said. Another Italian company that stuck it out was SABAF, which makes components for household cooking appliances, although its annual sales in Iran fell from about 10 billion euros to around 3 million, Administrative Director Gianluca Beschi said. 'We've already started talks in the country and we hope to be able to boost our sales in 2016 to get back to pre-sanction times,' she said. Italy hopes its trade with Iran will now surge and sees the best opportunities in oil and gas, cars and transport, and construction and furniture. But China, India, Russia and Brazil have kept or gained a foothold in Iran since sanctions were imposed, and Beijing is the top exporter to Tehran. For some companies, the race has already begun." (Reuters, “After sanctions, Iranian and foreign firms await the good times,” 1/24/2016)

"For some foreign companies, it has been a waiting game. They stayed in Iran when the sanctions hit and, like Fanaei in Qatar, put up with the bad times in the hope that the good times would eventually return. Landi Renzo, an Italian producer of autogas and compressed natural gas kits for cars, saw annual revenues in Iran sink from about 35 million euros to about 3 million when sanctions hit, said Pierpaolo Marziali, the firm's head of mergers and acquisitions. There were no Western banks ready to offer guarantees and letters of credit, and the sharp decline of Iran's currency under sanctions made matters worse. 'But we stayed the course and never stopped producing, albeit at minimal levels, and that's put us in a strong position now since we have a kind of preferential channel. Our staff is regularly in Tehran and we're looking forward to relaunching production,' Marziali said. Another Italian company that stuck it out was SABAF, which makes components for household cooking appliances, although its annual sales in Iran fell from about 10 billion euros to around 3 million, Administrative Director Gianluca Beschi said. 'We've already started talks in the country and we hope to be able to boost our sales in 2016 to get back to pre-sanction times,' she said. Italy hopes its trade with Iran will now surge and sees the best opportunities in oil and gas, cars and transport, and construction and furniture. But China, India, Russia and Brazil have kept or gained a foothold in Iran since sanctions were imposed, and Beijing is the top exporter to Tehran. For some companies, the race has already begun." (Reuters, “After sanctions, Iranian and foreign firms await the good times,” 1/24/2016)

In 2017, CalSTRS designated Telecom Italia as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed the company after reviewing internal controls and confirming the company has ceased doing business with Iran other than permitted reciprocal roaming agreements.

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In 2017 the U.S. state of California listed Telecom Italia as a company under review for reportedly having roaming and services agreements with Iran.

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"TI Sparkle, the International Services arm of Telecom Italia Group, announces today the signing of a Memorandum of Understanding with Telecommunication Infrastructure Company of Iran (TIC) for the expansion of its Global IP Backbone with a new IP POP in Iran." (January 27, 2016)

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"TI Sparkle, Telecom Italia Group's international operator, has announced an agreement with Telecommunication Infrastructure Company of Iran (TIC) to launch a new point of presence (PoP) in the Middle Eastern country. The new PoP is intended to support the increasing demand for IP services coming from the local market as well as from neighbouring countries and accelerate the development of digital and value added services in Iran." (Telecompaper, “TI Sparkle opens new point of presence in Iran,” 1/28/2016)

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“TI Sparkle, the International Services arm of Telecom Italia Group, announces today the signing of a Memorandum of Understanding with Telecommunication Infrastructure Company of Iran (TIC) for the expansion of its Global IP Backbone with a new IP POP in Iran.” (TI Sparkle Website, “TI Sparkle partners with TIC and adds Iran to its Global IP Network Seabone,” 1/27/2016). 

"Italian fashion house Roberto Cavalli said on Friday it had opened its first shop in Iran following the lifting of sanctions there earlier this year. Rich in natural resources and with a young, well-educated population of about 80 million, some analysts think Iran could be a potential goldmine for luxury goods companies. Roberto Cavalli is among the first Italian brands to strike out in Tehran with a store dedicated to its own label - the model favoured over department store concessions by many luxury fashion companies as it allows them to control their image and relationship with customers. The store, with 350 square metres of floors made of brown quartzite mixed with crystal dust, decked out with ponyskin carpets, sells women's, men's and children's clothing and eyewear. 'We think Iran is set to become a very interesting market for luxury products,' Cavalli CEO Renato Semerari said... Leather goods maker Piquadro opened in a Tehran shopping centre last year. Dolce & Gabbana, striking away from its usual form-fitting creations, launched a hijab and abaya collection in January, but declined to comment on whether it planned to do more business in Iran." (Reuters, “Roberto Cavalli opens first shop in post-sanctions Iran,” 2/19/2016)

"Italian fashion house Roberto Cavalli said on Friday it had opened its first shop in Iran following the lifting of sanctions there earlier this year. Rich in natural resources and with a young, well-educated population of about 80 million, some analysts think Iran could be a potential goldmine for luxury goods companies. Roberto Cavalli is among the first Italian brands to strike out in Tehran with a store dedicated to its own label - the model favoured over department store concessions by many luxury fashion companies as it allows them to control their image and relationship with customers. The store, with 350 square metres of floors made of brown quartzite mixed with crystal dust, decked out with ponyskin carpets, sells women's, men's and children's clothing and eyewear. 'We think Iran is set to become a very interesting market for luxury products,' Cavalli CEO Renato Semerari said... Leather goods maker Piquadro opened in a Tehran shopping centre last year. Dolce & Gabbana, striking away from its usual form-fitting creations, launched a hijab and abaya collection in January, but declined to comment on whether it planned to do more business in Iran." (Reuters, “Roberto Cavalli opens first shop in post-sanctions Iran,” 2/19/2016)