The lifting of economic sanctions against Iran will help Europe diversify its energy supply, the head of Italy's oil producer Eni said.

"I'm very happy that Iran has returned because for us it means ... the European system will have a more diversified energy supply," Eni CEO Claudio Descalzi said in an interview with Italian state television RAI.
He added that the Islamic Republic will need to invest at least $150 billion in infrastructure to become a major producer.

Descalzi also said he was not worried that Iran's reentry into the global oil and gas markets would lead to overproduction anytime soon because major investments would be needed to improve its infrastructure first.

"To make the big jump, which could take four or five years, a jump that could have a real impact on the global market ... Iran would need to attract $150 billion for development," he said.

"In today's market, finding $150 to $200 billion to invest in Iran is not something that can be done in a second."

Iran ended years of economic isolation on Saturday when world powers lifted sanctions in return for Tehran complying with a deal to curb its nuclear program.

Eni was one of the main buyers of Iranian oil prior to the sanctions. Descalzi did not say how much oil Eni might be interested in purchasing now that the sanctions have been lifted.

China’s willingness

On Monday, Chinese Vice Foreign Minister Zhang Ming on Monday expressed his country’s willingness to further promote its energy cooperation with Iran.

"Iran is a friendly country for China. Energy cooperation is an essential component of bilateral cooperation… China will continue to develop cooperation with Iran in the sphere of energy and will support the participation of Chinese companies in different energy projects in Iran," Zhang told reporters in Beijing.

Referring to the upcoming visit by China's President Xi Jinping to Iran, he said the trip would have a huge impact on Chinese-Iranian relations and both sides were expected to make this visit a landmark in their relations, Sputnik reported.

Xi is scheduled to pay an official visit to Iran later this week to hold talks with senior Iranian officials on a range of bilateral and regional issues.

Citing a statement from the Foreign Ministry, China's official Xinhua said earlier that Xi will visit Saudi Arabia, Egypt and Iran from January 19-23.