PHOTO: Iranian President Hassan Rouhani and Italian Prime Minister Matteo Renzi in Rome on Monday (Alessandro Bianchi/Reuters)

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Iran and Italy have signed contracts worth up to $18.4 billion, in Iran’s first major economic agreement since implementation of the July 2015 nuclear deal.

President Rouhani and Italian counterpart Sergio Mattarella confirmed the arrangements for sectors including health, transportation, agriculture, and energy in a ceremony in Rome on Monday night.

Among the deals is a pipeline contract worth between $4 billion and $5 billion for Italian oil services group Saipem, whose shares rose 18.5% on Monday.

Italian steel firm Danieli said it will sign commercial agreements worth up to $6.1 billion, and infrastructure company Condotte d’Acqua is expected to agree contracts worth up to $4.3 billion.

Rouhani said, at a press conference with Italian Prime Minister Matteo Renzi, that Iran’s market “offers Italian and European investors the opportunity to establish themselves in the entire region”.

Renzi asserted, “We have signed the first accords but we are only at the start of a long road.”

Rouhani is also expected to complete deals in his next stop in France, including Iran’s purchase of 114 Airbus passenger planes for $50 billion. French manufacturers Peugeot Citroen and Renault are likely to announce arrangements renewing their involvement in the Iranian automotive industry.