Iran General NewsEni says hands over Iran oilfield to local partners

Eni says hands over Iran oilfield to local partners

-

ImageReuters: Italy's oil and gas major Eni is handing over operatorship of Darkhovin oilfield in Iran to local partners to avoid U.S. sanctions for doing business with Iran, Eni said in a document for U.S. authorities. ImageMILAN, April 29 (Reuters) – Italy's oil and gas major Eni is handing over operatorship of Darkhovin oilfield in Iran to local partners to avoid U.S. sanctions for doing business with Iran, Eni said in a document for U.S. authorities.

The United States and its allies suspect Iran wants to develop nuclear weapons, while Tehran says it needs nuclear energy to meet power demand.

"Our activities in Iran could lead to sanctions under relevant U.S. legislation," Eni, which has oil and gas operations in Iran, said in an annual report filed with the U.S. Securities and Exchange Commission.

Eni said no sanctions had been imposed to date on its activities in Iran, but added risks could arise from a new bill to extend the reach of U.S. sanctions passed by the U.S. House of Representatives.

The report is posted on Eni's web site www.eni.com

Eni, which has been present in Iran since 1957, said its current activities there were primarily limited to carrying out residual activities relating to certain buy-back contracts it entered into in 2000 and 2001.

"Specifically, activities are progressing to hand over operatorship of the Darquain (Darkhovin) oilfield to the local partners as development activities were concluded at this field in 2009," Eni said.

Darkhovin remained the sole activity operated by Eni in Iran, it said.

Eni said it was being reimbursed for the past investments in another project which it did not name and which it handed over in past years.

Eni said its output in Iran was 35,000 barrels of oil equivalent per day in 2009, or about 2 percent of the group's total production, and it did not believe its activities in Iran have a material impact on the group's results.

It said it was aware that some U.S. institutional investors, such as pension funds, could decide to divest from companies doing business in Iran and such moves could hit Eni's shares and securities.

Eni had capital expenditures of over $20 million a year in Iran in the last 10 years and its management may decide to invest amounts in excess of $20 million a year there in the future, Eni said referring to the U.S. Iran Sanctions Act.

Under the Act, sanctions may be imposed on any person found to have knowingly invested $20 million or more a year, contributing directly and significantly to the enhancement of Iran's ability to develop its hydrocarbons resources, it said. (Reporting by Svetlana Kovalyova; editing by James Jukwey)

Latest news

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Iran’s Regime Continues Its Internet Restriction Project

This is part of the outlook of a document by the Iranian regime’s Supreme Council of Cyberspace, which has...

Iran’s Human Development Index Dropped Sharply

One of the most common questions asked in primary schools by teachers all over the world is, “wealth or...

Narcotics Iran Regime’s Income Source for Terrorism

Besides Iran’s malign activities, such as its regional interference, and missile and nuclear projects, drug trafficking plays a major...

Must read

India MRPL sells first diesel cargo to Iran

Reuters: Iran has bought its first cargo of diesel...

Embattled Nouri al-Maliki ‘will not go quietly,’ foes and friends say

Washington Post: Grand Ayatollah Ali Sistani did not directly mention...

You might also likeRELATED
Recommended to you