As per reports and information from our sources,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 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.Yes, there is a problem in the quality of crude so we should make some shifts,'' Scaroni said, adding that Iran's crude makes up about 15% of Italy's oil imports.Scaroni's view is similar to other analysts who said EU sanctions on Iran's oil exports will hurt European refiners that rely on the country's crude, particularly Greece, Italy, and Spain.He noted in particular that Iran has about 2.3 million b/d in exports, mostly in Asia, the Far East, and China, and that the Middle Eastern country would try to sell more oil into those markets.Oil embargo against Iran would mostly affect Italy, Spain, Greece.
Eni SPA said tighter sanction on Iran could cost the Italian firm as much as $2 billion in crude oil owed to it by NIOC.