ROME (Dow Jones)--Edison SpA (EDN.MI) signed Wednesday an offshore hydrocarbon exploration deal with Iran, it said in a statement.
Edison Chief Executive Umberto Quadrino is in the Iranian capital of Teheran signed the exploration concession Wednesday, the company said.
The contract involves the exploration of the offshore Dayyer area for hydrocarbons for four years, and an investment of EUR30 million. The spokesman said the Milan-based company plans to start exploration this year.
If any hydrocarbonds are found, Edison can begin development immediately.
Edison, which is controlled by Italian municipal utility A2A SpA (A2A.MI) and Elecricite de France (1024251.FR), in November unveiled its new six-year plan through 2013. It upped investments by 38% to expand abroad and its upstream hydrocarbons operations to better take on rivals.