According to its form 20-F filed with the SEC for fiscal year 2021, "In 2017, Eni fully recovered the overdue trade receivable owed by Iranian state- owned companies relating to the cost recovery of past projects due to enactment of the agreements signed in 2016. There were no more outstanding receivables towards Iran’s national oil companies as of December 31, 2021. Eni retains at December 31, 2021 a residual payable amounting to approximately $2 million, which will be settled upon de-registration of our local branch."
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Bloomberg,"Eni says managers withheld information in illegal Iran oil trade," 11/12/21
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As of March 1, 2022, ENI is listed as a company in "New Jersey Report to the Legislature Pursuant to P.L. 2007, Chapter 250"--an Act which provides restrictions on pension or annuity fund investments in companies tied to Iran--whose investments were sold in compliance with the Act.
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Eni SpA, one of Europe’s largest oil companies, said it unwittingly purchased a consignment of crude from Iran -- an act that would have breached U.S. sanctions. (Bloomberg,"Eni says managers withheld information in illegal Iran oil trade," 11/12/21)
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According to its Annual Report filed with the SEC for fiscal year 2019: "In 2017, Eni fully recovered the overdue trade receivable owed by Iranian state- owned companies relating to the cost recovery of past projects due to enactment of the agreements signed in 2016. There were no more outstanding receivables towards Iran’s national oil companies as of December 31, 2019. In 2019, Eni made payments in the region of $0.04 million to the Iranian Social Security Organization in connection to health and social security insurance for which Eni retains at December 31, 2019 a residual payable amounting to approximately $5 million, which will be settled upon de-registration of our local branch."
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"Italy’s oil giant Eni E -0.20% SpA has rejected a cargo of suspected Iranian crude, as energy companies grapple with sophisticated techniques used by Iran to evade U.S. sanctions. The cargo, which was intended for the Milazzo refinery in Sicily, remains on board a Liberia-flagged vessel named White Moon, after Eni said the specifications didn’t match those of its contract for Iraqi oil. The ship’s documents show that the cargo, which Eni bought from the trading arm of Nigeria’s Oando PLC, was Iraqi, an Eni spokesman said." (WSJ, "Suspected Iranian Oil Caught in Sanctions Trap," 6/19/2019).
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According to its Annual Report filed with the SEC for fiscal year 2018: "In 2017, Eni fully recovered the overdue trade receivable owed by Iranian state-owned companies relating to the cost recovery of past projects due to enactment of the agreements signed in 2016. There were not any outstanding trading receivables towards Iran’s national oil companies as of December 31, 2018. In 2018, Eni made payments in the region of $0.6 million to the Iranian Social Security Organization in connection to health and social security insurance for which Eni retains at December 31, 2018 a residual payable amounting to approximately $5 million, which will be settled upon de-registration of our local branch." (SEC, 4/5/2019).
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Eni was advertised as a participant in the Iran-Italy Summit 2018, which took place in Milan on December 13, 2018. (Ambrosetti, “Iran Italy Summit”)
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"Italian oil and gas giant ENI may not have any investments in Iran, but its CEO Claudio Descalzi sees disruption ahead for oil markets thanks to the reimposition of U.S. sanctions on OPEC's third-largest oil producer." (5/14/2018)
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"Eni has recouped all outstanding payments that Iran owed the Italian oil company for past investments and has no plans for any new projects, Chief Executive Claudio Descalzi told shareholders at its annual meeting on Thursday. Descalzi was responding to questions after Washington decided to impose new sanctions against Iran and abandon a 2015 international agreement which had curbed Tehran’s nuclear activities in exchange for removal of U.S. and European sanctions. Eni’s only remaining activity in Iran is the monthly purchase of 2 million barrels of oil as part of a contract that expires at the end of the year, Descalzi said, adding that any new sanctions would take six months to kick in." (5/10/2018).
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According t its Annual Report filed with the SEC for fiscal year 2017: "In 2017, Eni fully recovered the overdue trade receivable owed by Iranian state-owned companies relating to the cost recovery of past projects due to enactment of the agreements signed in 2016. Further information is provided in “Item 19-consolidated financial statements under footnote 11”. Eni had no payables towards NIOC as of December 31, 2017. Eni made payments in the region of $0.8 million to the Iranian Social Security Organization in connection to health and social security insurance for which Eni retains at the balance sheet date a residual payable amounting to approximately $8 million date, which will be settled upon termination of our presence in the country. Finally, in 2017 our Refining & Marketing business sold a limited amount of refined products (16,735 liters for a consideration of approximately €17,000), mainly jet fuels, to an Italian third-party service provider, which in turn re-fuelled an aircraft of the Iranian company Meraj Air."
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In 2017 the U.S. states of New Jersey, Iowa, South Carolina, Tennessee, Rhode Island, and Minnesota listed Eni on its state list of companies doing business with Iran, rendering Eni ineligible for investment and/or state contracting.
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Italian energy giant, Eni and National Iranian Oil Company has signed a Memorandum of Understanding for studying Kish gas field and 3rd phase of Darquain oil field, as part of the countrys effort to racket its production after the removal of sanctions. "Eni have done a remarkable job in Cairo and Mediterranean region both as far as the quality and the speed of work are concerned and it is worthy of trust to be given the two fields of Kish and Darquain for study", deputy managing director of NIOC in development and engineering affairs, Gholamreza Manouchehri stated. (June 20, 2017).
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According to its Annual report filed with the SEC for fiscal year 2016: "As of December 31, 2016, Eni outstanding trade receivables amounted to $278 million towards the National Iranian National Oil Co (NIOC) which were recorded in connection with the settlement agreement recognized in 2015. This amount was curtailed from the amount outstanding at December 31, 2015 ($339 million). The State counterparties expressed their willingness to negotiate a repayment plan of overdue receivables based on arrangements relating the sale of volumes of the Iranian counterpart equity crude and the attribution to Eni of a percentage of the sale proceeds. This agreement has been enacted in the last months of 2016 with a reimbursement to Eni of $44 million. Negotiations are underway to identify additional crude volumes to be marketed, some of which have already been awarded to Eni in early 2017, with the aim of fully recovering the overdue amounts. Eni had no payables towards NIOC as of December 31, 2016. Eni made payments in the region of $1 million to the Iranian Social Security Organization in connection to health and social security insurance for which Eni retains at the balance sheet date a residual payable amounting to $10 million date, which will be settled upon termination of our presence in the country."
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In 2016 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. ENI was included on this list in 2016. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."
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National Iranian Oil Company (NIOC) has signed a short-term contract with Eni to sell crude, an Iranian official said on Monday, as it seeks to revive the agreement it had with the Italian oil major prior to sanctions on Tehran. "The National Iranian Oil Company has sold one cargo of crude oil to this Italian company," Mohsen Ghamsari, director for international affairs at the NIOC was quoted as saying by Mehr news agency, adding that the negotiations were underway to sign a long term deal. "If the deal is signed we are ready to sell 100,000 barrels of crude oil to Eni," Ghamsari said. He added a contract has also been signed with Italy's Saras to sell crude oil. (Reuters, "Iran starts selling oil to Iraly's Eni," 12/19/2016).
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"Italian oil major Eni will start working again in Iran when it has been repaid investments previously made and when it understands the type of contracts Teheran will be offering, CEO Claudio Descalzi said on Thursday. "We are still in Iran... we never left... because they owe us a load of money and we are trying to recoup it ... We'll come back when we will have recouped all our money and we know the contracts," Descalzi said in a meeting with students. Iran for years has been using oil to pay back Eni for decade-old deals. "We're not in a hurry to go back but ... we will restart work in Iran," Descalzi added." (Reuters, "Eni to restart work in Iran when debt repaid, contracts known," 11/28/2016).
Currently, Eni owns 43% of Italian energy giant, Saipem. (Saipem Website, "History")
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According to its Annual Report filed with the SEC for fiscal year 2015: "In 2015, Eni’s production in Iran averaged 22 KBBL/d, approximately 1% of Eni Group’s total production for the year, in connection with the recognition of its past investment during the year mainly pertaining to the Darquain project. As of December 31, 2015, Eni had outstanding trade receivables amounting to $339 million towards National Iranian National Oil Co (NIOC) which were recorded in connection with revenues recognized of during the year for $263 million. Eni had no payables towards NIOC as of December 31, 2015. Eni made payments in the region of $1 million to the Iranian Social Security Organization in connection to health and social security insurance for which Eni retains at the balance sheet date a residual payable amounting to $11 million date which will be settled upon termination of our presence in the country."
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"Representatives of Italian oil and gas company Eni met recently with the Iranian oil minister to discuss a series of issues including contractual arrears, an Eni spokeswoman confirmed on Monday. Iranian news agency Tasnim cited the managing director of Iran's Petroleum Engineering and Development Company on Monday as saying Eni had held talks with minister Bijan Zanganeh 'a few days ago'. Eni, which stopped investing in Iran in 2001, is allowed to recoup previous investments by being paid in oil. 'Eni reiterated its interest in Iran, providing sanctions are lifted and contract terms are mutually favourable,' the spokeswoman said." (Reuters, "Eni discusses arrears in meeting with Iranian oil minister," 5/4/15)
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According to its Annual Report filed with the SEC for fiscal year 2014: "In 2014, Eni’s production in Iran averaged 1 KBOE/d, and is negligible in comparison with Eni Group’s total production for the year. We booked revenues of $26 million in 2014 in connection with our share of equity production and we reported a net loss of $16 million at our Iranian operations. As of the balance sheet date Eni had outstanding trade receivables amounting to $76 million towards Iranian oil national companies which were recorded in connection with revenues recognized in 2014 and in previous reporting periods. In 2014, we collected cash payments for a total of $275 million. Those revenues and trade receivables related to the recovery of the costs incurred by Eni in its performance of petroleum projects, mainly pertaining to the ongoing Darquain project as disclosed under "Item 3 – Risk factors – Political considerations – Risks associated with our presence in sanction targets". We had no payables towards Iranian national oil companies as of the balance sheet date. We had a payable amounting to $23 million relating to health and social security insurance due to the Iranian Social Security Organization, which will be settled upon termination of our oil projects.
Eni Exploration & Production projects in Iran are currently in the cost recovery phase. Therefore, Eni has ceased making any further investment in the Country and is not planning to make additional capital expenditures in Iran in future years."
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“Relations between the European Union and Iran remain fragile and business links tentative, even as Washington worries about Europe rushing into business and political ties with Tehran. European companies are concerned about harming their reputations in the U.S. even as they signal interest in future Iran business…Energy giants like Italy's ENI SpA, which was heavily involved in Iran before Europe joined the U.S.'s sweeping oil and financial sanctions, retain a very light presence. The company has just one foreign executive in Tehran, a diplomat said, down from several dozen in the early 2000s.” (
Wall Street Journal, “
European Companies Walk on Eggshells in Iran,” 3/13/14)
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“Multiple companies currently exploring new business ventures in Iran are also cashing in on highly lucrative contracts with the U.S. Defense Department, raising questions about whether their dealings with Iran could run afoul of U.S. law. At least 13 major international companies have said in recent weeks that they aim to reenter the Iranian marketplace over the next several months. The companies have received Pentagon contracts totaling well over $107 billion, according to a Washington Free Beacon analysis that tracked DoD contracts awarded since fiscal year 2009. Many of the companies, which include carmaker
Renault and oil giants such as
BP, have already sent high-level trade delegations to Tehran to meet with Iranian officials about striking new business deals…These companies include
Boeing and General Electric—which have DoD contracts worth $87 and $12 billion respectively—as well as the Italian oil company Eni,
Merck,
Safran,
Vitol,
Bosch Rexroth,
Sanofi Pastuer, and
AVL.” (
Washington Free Beacon, “
Pentagon Contractors Exploring Business with Iran,” 2/25/14)
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"Iran will have a new, attractive investment model for oil contracts by September, its president and oil minister told some of the world's top oil executives here on Thursday, part of its drive to win back Western business. Iranian President Hassan Rouhani and Oil Minister Bijan Zanganeh said their new administration was keen to open up to Western investments and technology, executives who attended the meeting said. They also stressed the importance of fossil fuel, with global energy demand rising. ‘The fact that the president of Iran came to the meeting today... is clearly a sign that Iran wants to open up to international oil companies,’ said Paolo Scaroni, chief executive of Italy's Eni, who was at the meeting. ’It was an impressive presentation,’ said one of three further oil executives who were at the meeting and spoke with Reuters on condition of anonymity. ’They said they are working on a new model to work with investors and are happy to see us,’ he added. ‘They not only need money but technologies. They are happy to have consultations about how new contracts shall work. They want to decide on the model by September.’ ’The message was - look at us, our geological risks are minimal, reserves are huge, come and we will create competitive terms and you will be happy. Your return on investments will be acceptable,’ another executive said. Along with ENI, France's
Total, Britain's
BP ,
LUKoil and
GazpromNeft from Russia, and several other companies were present…Tehran has already said it wants Western oil companies to revive its giant ageing oilfields and develop new oil and gas fields once sanctions are lifted.’The best way for companies like us to go back to Iran is to follow strictly the sanctions and push both parties to reach an agreement which will lead to the lifting of sanctions one day,’ Scaroni said. ’I made it clear some time ago I'm not going back to Iran under old contract terms even if all sanctions are lifted.’ Scaroni was the first Western CEO to meet publicly with Oil Minister Bijan Zanganeh, on the sidelines of a meeting of the Organization of the Petroleum Exporting Countries last month.” (
Reuters, “
Iran lures oil majors with new contracts pledge,” 1/23/14)
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“Addressing the World Economic Forum in Davos, the pragmatic president said Tehran was negotiating with the United States as part of a ‘constructive engagement’ with the world and wanted Washington to back up its words with actions…Some Western energy chiefs said they were impressed by Rouhani's commitment to attract foreign investment in the sector, which has seen production cut by a third and exports halved by the sanctions. ’The fact that the president of Iran came to the meeting today... is clearly a sign that Iran wants to open up to international oil companies,’ said Paolo Scaroni, chief executive of Italy's Eni, who was at the meeting. But he said Eni would stick strictly to the sanctions and return to Iran only when a permanent nuclear deal was concluded and contract terms were changed.” (
Reuters, “
Iran wants full nuclear deal and investment, Rouhani tells Davos,” 1/23/14)
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“Giuseppe Recchi, chairman of Italy’s biggest energy company Eni SpA (ENI), said he’d be interested in seeing Iran open up to investment following years of sanctions. Recchi and Amec Plc (AMEC) Chief Executive Officer Samir Brikho discussed Iran, holder of the world’s fourth-largest proven oil reserves, in a Bloomberg Television interview today in Davos, Switzerland.” (
Bloomberg, “
Eni’s Recchi Interested in Seeing Iran Open Up as Sanctions End,” 1/22/14)
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According to its
Annual report filed with the SEC for fiscal year 2013: "In 2013, Eni’s production in Iran averaged 4 KBOE/d, representing less than 1% of the Eni’s total production for the year. We booked revenues of $130 million in 2013 in connection with our share of equity production and we reported a net profit of $26 million at our Iranian operations. As of the balance sheet date Eni had outstanding trade receivables amounting to $323 million towards Iranian oil national companies which were recorded in connection with revenues recognized in 2013 and in previous reporting periods. In 2013, we collected cash payments for a total of $74 million. Those revenues and trade receivables related to the recovery of the costs incurred by Eni in its performance of petroleum projects, mainly pertaining to the ongoing Darquain project as disclosed under “Item 3 – Risk factors – Political considerations – Risks associated with our presence in sanction targets”. We had no payables towards Iranian national oil companies as of the balance sheet date. We had a payable amounting to $27 million relating to health and social security insurance due to the Iranian Social Security Organization, which will be settled upon termination of our oil projects.
Eni Exploration & Production projects in Iran are currently in the cost recovery phase. Therefore, Eni has ceased making any further investment in the country and is not planning to make additional capital expenditures in Iran in future years."
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"As it tries to lure back oil companies, Iran also signaled it could offer production-sharing agreements in the Caspian Sea. Such deals are considered attractive to companies but haven't been awarded in Iran since the 1970s. Bijan Zanganeh, who was in Vienna for the meeting of the Organization of the Petroleum Exporting Countries, said he had met with executives from Anglo-Dutch oil giant
Shell, the world's largest oil trader
Vitol, Austria's and Italy's Eni SpA…Speaking as he exited the meeting, Eni Chief Executive Paolo Scaroni said, 'We plan to continue to be in Iran and possibly increase our activity as long as the sanction regime is lifted.' But he cautioned that Iran would need to amend its stringent investment terms—so called buybacks, whereby companies are paid in oil only after completing a project. 'We certainly don't consider [the current terms] a good way of attracting' international oil companies, Eni's head said." (
Wall Street Journal, "
European Energy Companies Meet With Iranian Oil Minister," 12/5/13)
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"The head of Italian oil company Eni SpA (E) had a 'fairly long and very warm' meeting with Iran's oil minister in Vienna Thursday to discuss a possible increase in the company's activities in the country if western sanctions are lifted. 'We plan to continue to be in Iran and possibly increase our activity, as long as the sanctions regime is lifted,' Eni Chief Executive Paolo Scaroni said. However, he added the country would have to modify the terms of its contracts to become more attractive to international oil companies." (
Wall Street Journal, "
Eni CEO Had "Long and Very Warm" Meeting With Iran Oil Minister," 12/5/13)
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"Speaking to reporters ahead of a meeting of the Organization of the Petroleum Exporting Countries, Iran's oil minister, Bijan Zanganeh, said, 'We have no limitations for U.S. companies.' Asked who he would like to see return or enter Iran, he named European giants
Total SA,
Royal Dutch Shell PLC, Eni SpA,
Statoil ASA and
BP PLC…'I am talking to some of them,' he said, without saying which." (
Wall Street Journal, "
Iran Wants U.S. Companies to Develop Oil Fields," 12/4/13)
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"Eni SpA (E), Italy's biggest oil and natural gas company by volume, said Tuesday its activities in Iran may face U.S. sanctions against investments in the Islamic republic, and they could be material. Eni said, in its 2012 annual report, that it doesn't believe its activities in Iran are sanctionable under current U.S. rules but notes it has no formal assurances from the U.S. State Department. 'If sanctions were imposed, their impact could be material and adverse to Eni,' said the Rome-based company. Eni has operated in Iran for several years as part of four service contracts: South Pars, Darquain, Dorood and Balal. Eni said all the projects have been completed with the exception of Darquain, which is in the process of final commissioning and is being handed over to the national Iranian oil company... Eni's daily output in Iran averaged 3,000 barrels of oil equivalent in 2012, representing less than 1% of the company's total production. Eni said its refining and marketing division bought 498,000 metric tons of Iranian crude in 2012, paying the country's state oil company $396 million, less than the $742 million it paid for the 976,000 tons the year before. Eni hasn't any involvement in Iran's refined petroleum sector and doesn't export refined products to Iran, it added." (
The Wall Street Journal, "
Eni Says Its Iran Activities Could Lead to U.S. Sanctions," 4/9/2013)
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"Rice and her husband also own between $15,000 and $50,000 of stock in ENI, the Italian international oil company. ENI has said that it is no longer doing business with Iran, but it has a waiver from sanctions to enable it to collect oil as payment for about $1 billion Iran owes the company from earlier business deals. The company had been purchasing crude oil and developing natural gas fields." (
The Washington Post, "
Rice holds stakes in firms that have done business in Iran," 11/29/2011)
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According to its
Annual Report filed with the SEC for fiscal year 2012: "Eni Exploration & Production projects in Iran are currently in the cost recovery phase. Therefore, Eni has ceased making any further investment in the country and is not planning to make additional capital expenditures in Iran in future years. In addition, in 2012 we purchased 498 ktonnes of Iranian crude oil from NIOC and we paid NIOC $396 million in 2012, for those purchases. We believe that we made no profits on those purchases as our refining margins for the year 2012 were unprofitable on average. Those purchase transactions were entered into pursuant to a waiver granted by the U.S. Department of State as disclosed under “Item 3 – Risk factors – Political considerations – Risks associated with our presence in sanction targets”. Also as a consequence of EU restrictive measures, in June 2012 Eni ceased to import Iranian crude oil with the exception of those volumes necessary to collect outstanding receivables towards Iranian counterparties, as allowed by the European Union sanctions regime."
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"Italy's Eni SpA will continue to take Iranian crude as part of a long-standing repayment deal for work it undertook on the energy sector there. 'We recover the cost through oil and we expect to continue to do so,' Eni's chief executive officer Paolo Scaroni told reporters at an OPEC-organised industry conference on Tuesday. He said Iran owed Eni about $1 billion. Eni's Iranian imports are exempted from European Union sanctions against Iran which will come in to full force on July 1." (
Reuters, "
Eni to continue taking Iran repayment crude," 6/13/12)
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"
Italy's Eni, which has been receiving payments in oil from Iran for debts, is reworking the deal and is unlikely to import crude in July after European Union sanctions on Tehran take effect, market sources said on Thursday... 'Even though Eni is able to continue importing cargoes, because of the sanctions there are other details it needs to organise,' a person with knowledge of the deal said. He declined to be named due to the sensitivity of the matter.The market sources said it was not clear when Iran's crude deliveries to Eni would resume. 'I do not know when Eni will be able to import the next cargo.'...
Eni's chief executive Paolo Scaroni had said in March that Iran still owed the company $1.0-1.4 billion worth of oil, and that it had a special exemption enabling it to continue receiving that crude despite the EU embargo." (Reuters, "Eni suspends Iran's debt payments in oil," 5/21/2012)
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"Eni SpA (E), Italy's biggest oil and natural gas company, said it paid $888 million to the National Iranian Oil Company for crude last year and purchased a further $1.1 billion of Iranian oil from others in the same period. "Eni's refining and marketing division bought 1.6 million metric tons of oil from the Iranian state-owned company last year compared with 980,000 tons worth a total of $419 million in 2009, it said in a filing this week to the U.S. Securities and Exchange Commission."In addition, the Rome-based company said it bought from international traders and oil companies crude it believes was purchased from Iranian companies. Last year, this amounted to 2.09 million tons worth $1.1 billion compared with 278,000 tons worth $147 million in 2009, Eni said." (Dow Jones, "Eni Says Paid $888 Mln To Iran Oil Company For Crude In 2010," 4/8/11)
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"Eni SpA (E), Italy's biggest energy company by market value, is working on handing over the operatorship of the Iranian Darquain oil field to local partners, as it limits its presence in the hydrocarbon-rich Islamic republic. Development activities in Darquain were concluded in 2009, said Eni in its annual report to the U.S. Security and Exchange Commission released late Monday. The oil field was the only activity operated by Eni in Iran. Eni's 2009 daily production in Iran was 35,000 barrels of oil equivalent, or about 2% of its total output, the company said. "Eni does not believe that its activities in Iran have a material impact on the group's results." The company also said it incurred annual capital expenditure of more than $20 million in Iran in each of the last 10 years and the management may decide to invest more than $20 million a year in the future. Eni said it hasn't had sanctions imposed to date from the U.S. administration over its activities in Iran." (Down Jones Newswires, "Eni Working On Handing Over Iran Darquain Field Operatorship," 4/27/10)
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"ENI, an oil company partially owned by the Italian government, has openly admitted in filings that their activities in Iran potentially violated U.S. sanctions. In February, ENI's chief executive announced that the company would pull out of Iran after current contracts to develop two gas fields run out." From 2000-2009, the company has been the recipient of 1.1 million acres of oil/gas fields from the US government. Their business in Iran is currently active, but with no plans of new investments, and they have been listed as a possible violator of the Iran Sanctions Act. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)
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"ENI SpA's chief executive said Thursday that the Italian energy company will pull out of Iran after current contracts to develop two gas fields there run out, as international pressure grows to isolate the country over its disputed nuclear program... He told reporters that the company won't prolong contracts it signed in 2001 to develop two Iranian gas fields. Iran has the world's second largest gas resources after Russia and has resisted global pressure - including U.S. sanctions - over its program to enrich uranium. Iran says its program is peaceful but the U.S. says it suspects Iran is trying to build nuclear weapons. 'We will continue to abstain in the future,' Scaroni told reporters. Italy has long enjoyed strong commercial ties with Iran. But President Silvio Berlusconi this week called for tighter sanctions against Iran and said Italian companies have cut business ties with Iran by a third since 2007. The Italian government owns about 30 percent of ENI." (Associated Press, "ENI to pull out of Iran," 2/4/10)
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"New York State Comptroller Thomas P. DiNapoli also announced Tuesday the $110 billion fund would freeze an additional $300 million in seven other companies...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries. 'We don't expect our investments to benefit regimes that support genocide and terrorism,' said DiNapoli...The fund also plans to monitor and prohibit further investment in ENI (E), Repsol YPF (REP), Royal Dutch Shell PLC (RDSA), Total SA (TOT), ABB Ltd. (ABB), Alstom (ALO.FR) and Snam Rete Gas (SNMRY). Additionally, it plans to focus on other industries including telecommunications. (Wall Street Journal, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09 and The Office of New York State Comptroller Thomas P. DiNapoli)
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"Eni has been present in Iran since 1957. In 2007 production net to Eni averaged 26 kboe/d. Eni's activities are concentrated in the offshore of the Persian Gulf and onshore for a total acreage of 1,456 square kilometers (820 net to Eni)." (Company website)
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"Italy is Iran's largest trading partner in Europe, mainly because of investments by energy giant ENI. This month, Fiat Group Autos SpA said it would begin manufacturing its Siena four-door sedan in Iran later this year more than 3 1/2 years after signing an agreement with the Iranian car manufacturing company PIDF." (Associated Press, 7/28/08)
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"William Burns, U.S. Under Secretary of State for political affairs, pointed out that several big energy companies, including Total, Shell, ENI and Repsol, have scaled back their business in Iran over the past few years." (Reuters, "US to review if Statoil violates Iran sanctions law," 7/09/08)
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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the Internet in July 2007)
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"GIANTS WITH A FOOT IN TEHRAN: Total, Shell, Statoil, BNP Paribas, Commerzbank, MTN, UPS, Linde, Technip, Nokia, Ericsson, Peugeot, Renault, OMV, Societe Generale, ENI, Mitsubishi, Sumitomo, Siemens, LG, Samsung, Bosch, Valeo, Nestle, Unilever, BAT, Japan Tobacco." (The London Times, "American pressure threatens UK firms," 5/27/06)
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"Eni, Italy's biggest oil and gas group, is still owed over $1 billion worth of oil by Iran and has a special exemption enabling it to continue receiving that crude despite an EU embargo on Iranian oil, its chief executive said. "The amount is in a range of $1.0-1.4 billion," CEO Paolo Scaroni said in a meeting with foreign reporters on Friday. Iran for years has been using oil to pay back Eni for decade-old deals. Three years ago Eni was owed around $3 billion in oil...Scaroni said Eni was exempt from the embargo since it was the subject of a "special rule" granted by both the United States and EU covering oil it receives from Iran as payment for investments already carried out. Under the agreement, Eni withdraws about 10,000 barrels per day from Iran, he said." (Reuters. "Eni still owed over $1 bln by Iran," 3/23/12)