Iran Economy NewsEni had $1.4 Bln to recoup from Iran deals...

Eni had $1.4 Bln to recoup from Iran deals early 2010 -WikiLeaks

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Dow Jones: Italy’s Eni SpA (E) still had about $1.4 billion to recoup from its investments in Iran as of January 2010, according to a U.S. diplomatic cable published by whistleblower WikiLeaks.

LONDON (Dow Jones)–Italy’s Eni SpA (E) still had about $1.4 billion to recoup from its investments in Iran as of January 2010, according to a U.S. diplomatic cable published by whistleblower WikiLeaks.

The document also shows the oil major’s chief executive decided to refrain signing a memorandum of understanding with Iran after coming under pressure from the U.S.

The cable is part of 250,000 U.S. diplomatic communications given to WikiLeaks, some of them published on its website.

A spokesman for Eni declined to comment on the document because it was “leaked,” but he reiterated Eni has decided not to undertake any new business in Iran and will only complete existing contracts.

In a cable datelined Rome and dated Jan. 22, 2010, Eni officials told a U.S. Congressional delegation that: “Eni’s total Iran investments [stood] at around $3 billion, of which…Eni has already recovered…about 60%.

“Eni still needs to recover about $1.4 billion from its Iran operations” with this remainder expected to be recouped by the end of 2013 or early 2014, the document said.

In the cable, Eni officials are also quoted as saying that following CEO Paolo Scaroni’s meetings on Sept. 16, 2009 “in Washington the company also gave up plans for an MOU with Iran for development of the phase III of the Darquain oil field.”

The company said in April this year it wouldn’t extend its development of the field but hadn’t given a reason at the time.

 -By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; [email protected]

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