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May 31, 2012 4:16 pm

Italian Importer Closes the Door on Iran’s Oil in Europe

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ENI Oil platform. Photo: wiki commons.

JPost/Reuters – 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.

The unexpected decision by the Italian oil major, which is exempted from the embargo on imports, will lead to a complete halt in Iranian crude supply to Europe in July.

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