Italy’s Eni says ready to return to Iran

Italy’s oil giant Eni announced on Monday that it is ready to return to Iran’s oil industry once the sanctions against the country are lifted.

Eni’s Chief Upstream Officer Antonio Vella told an energy forum in Tehran that the company plans to use the latest technologies in Iran’s oil projects, stressing that this is crucial in decreasing the project costs.

Vella added that Eni was involved in the development of Iran’s South Pars gas field and was also involved in several petrochemical projects in the country before sanctions forced it to leave.

He emphasized that Eni always used the modern technology in all the projects that it carried out in Iran.

The official further said increasing the efficiency of projects is one of the key advantages of Eni, adding that the company wants to use this expertise in its future projects in Iran, as well.

Eni was mostly involved in the development of Iran’s South Pars Phases 4&5 as well as the Darkhovin oil project.

However, it had to leave following the intensification of the US-led sanctions against Iran over the past few years.

Another European oil major – France’s Total – also announced at the same forum in Tehran on Monday that it is ready to provide the loans required for the development of Iran’s oil sector projects once the sanctions against the country are lifted.

Total said it is even ready to transfer technology to Iranian companies.

Based on a nuclear breakthrough between Iran and the P5+1 group of countries that was reached back in July, Iran will reduce certain aspects of its nuclear energy activities in return for the removal of certain economic sanctions imposed against the country.

A key section of the sanctions that are expected to be lifted within the next months will involve those that ban foreign investments in Iran’s oil industry.

By Press TV