REFILE-Eni has no material exposure to Iran, oil supply deal to expire at end-2018

Reuters – Eni has no material exposure to Iran and so will not be affected by sanctions announced by the U.S. administration, a spokesman for the Italian oil major said on Tuesday.

The company has recouped all outstanding payments owed for previous investments in Iran’s upstream and has only an oil supply contract left for the purchase of 2 million barrels of oil per month. “The contract… will expire by the end of the year,” the spokesman said.

Reporting by Stephen Jewkes