Tuesday, March 26, 2019

Eni Has Recouped All Outstanding Iran Payments

May 10, 2018

Eni has recouped all outstanding payments that Iran owed the Italian oil company for past investments and has no plans for any new projects, Chief Executive Claudio Descalzi told shareholders at its annual meeting on Thursday.

Descalzi was responding to questions after Washington decided to impose new sanctions against Iran and abandon a 2015 international agreement which had curbed Tehran's nuclear activities in exchange for removal of U.S. and European sanctions.

Eni's only remaining activity in Iran is the monthly purchase of 2 million barrels of oil as part of a contract that expires at the end of the year, Descalzi said, adding that any new sanctions would take six months to kick in.

He added that supply could be sourced from elsewhere.

(Reporting by Alberto Sisto; Writing by Agnieszka Flak Editing by Mark Bendeich)

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