Eni to continue oil imports from Iran

Mar 25, 2012 12:00 AM

Italy's biggest oil company, Eni, obtained a special exemption from oil sanctions against Iran, which enables it to continue receiving Iranian crude despite the EU oil embargos on Tehran, an official said. The company's CEO Paolo Scaroni told that the company has obtained a special exemption from the sanctions which enables it to continue receiving Iranian crude despite the EU oil embargo on Iran.
"The amount is in a range of $ 1.0-1.4 bn," he was quoted as saying.

Scaroni added that Eni was exempt from the embargo since it was the subject of a 'special rule' granted by both the United States and the EU based on which the oil it receives from Iran is considered as the payment for the investments it has already carried out. He stated that under the agreement, Eni will receive about 10,000 bpd of crude oil from Iran.
"The loss of Iranian imports can be painful for the Italian refining sector, which has been traditionally heavily dependent on Russian Urals crude and Iranian oil," Scaroni said.

Italy's crude imports from Iran accounted for 13.7 % of the country's total oil imports last year, when Iran was Italy's fourth-biggest oil supplier, according to data from the country's oil refining industry body, Unione Petrolifera.
After months of debates, the EU member states eventually reached an agreement in their meeting in January to sanction oil imports from Iran and freeze the assets of Iran's Central Bank within the EU.

Meantime, demand is growing for Iranian crude oil in Asian and African markets after the EU's fresh decision.
Iran is currently supplying 100 % of Sri Lanka's oil needs, 51 % of Turkey, 25 % of South Africa, 14 % of Greece, 13 % of Italy and Spain, 11 % of India and China and 10 % of Japan and South Korea's oil demands.

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