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Tighter sanctions on Iran could cost Eni 'billions'

12/19/2011
By Eric Watkins
Eni SPA Chief Executive Officer Paolo Scaroni said tighter sanction on Iran could cost the Italian firm as much as $2 billion in crude oil owed to it by National Iranian Oil Co. "We are a little bit more worried about the payments of crude that NIOC are making to us for our previous activities," said Scaroni, referring to billions of dollars worth of contract work undertaken by Eni during 2001-09. However, Scaroni also expressed the belief that the payment in kind would be exempt from any sanctions regimes at the moment, saying, "We feel that this will be exempt from any ban. We feel there is a difference between importing crude and receiving crude." Scaroni also said ...
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