Apr 30 2010 |
more articles from
|
Eni to pull out of Iran oil field
Tehran: Italy's Eni says it will not extend its contracts to develop an Iranian oil field as it may lead to US sanctions against the oil firm. State-controlled Eni , Italy's biggest oil and gas company, signed contracts in 2001 with the Iranian government to develop Darkhovin oil field.In an annual report filed with the US Securities and Exchange Commission, Eni said it would not extend its contracts for the third phase of the project because of the government pressures and fear of US sanctions against the company.
"Our activities in Iran could lead to sanctions under relevant US legislation," the report said.
"Specifically, activities are progressing to hand over operatorship of the Darkhovin oilfield to the local partners as development activities were concluded at this field in 2009."
Eni 's Chief Executive Paolo Scaroni also said on Thursday that the company intends to sell off its shares in the oil field.
Italy has been one of Iran's major European partners and Eni has been doing business with Iran since 1957.
However, Italy's close ties with Israel and the US, which is pushing for a fourth round of sanctions against Iran in the UN Security Council, have reduced Rome's commercial dealings with the Islamic Republic.
Italian Foreign Minister Franco Frattini had earlier said that Rome has suspended export credit guarantees for firms investing in Iran, adding that Italy intends to block new investments in Iranian oil and gas industry.
Under the US Iran Sanction Act, sanctions might be imposed on any person or company that invests more than $20 million a year in Iran's energy sector.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment