ENI chief says no more investments in Iran

ENI CEO, Paolo Scaroni.

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The CEO of ENI has said that the Italian supermajor will make no further investments in Iran’s hydrocarbons industry.

The Kuna news agency reported that Paolo Scaroni told a news conference that the company will respect any sanctions.

"ENI. signed two contracts in Iran, one in 2000 and one in 2001 for the development of two fields in the country. At that time Iran was under [ex-President Akbar Hashemi] Rafsanjani, not on the radar screens of any European country in terms of sanctions or these kinds of things," Scaroni is reported as saying.

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"Since we believe in the sanctity of the contracts we will perform these contract to the end. We have abstained to sign new contracts since 2001. We will continue to abstain in the future," he added.

ENI is one of the growing band of foreign oil companies that are cutting off ties with the Gulf state due to its controversial nuclear programme.