ENI

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). (http://en.nioc.ir/Portal/home/?news/81365/71248/211076/Italys-Eni-to-Study-Two-Iranian-Oil-and-Gas-Fields)

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. (https://www.nj.gov/treasury/doinvest/pdf/index/Iran_Progress_Report.pdf)

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) (https://www.bloomberg.com/news/articles/2021-11-12/eni-says-managers-withheld-information-in-illegal-iran-oil-trade)

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." (https://www.sec.gov/Archives/edgar/data/1002242/000117494718000586/tv485407-20f.htm)

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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). (http://www.reuters.com/article/us-iran-oil-italy-idUSKBN1480PH) (http://www.reuters.com/article/us-iran-oil-italy-idUSKBN1480PH) (http://www.reuters.com/article/us-iran-oil-italy-idUSKBN1480PH)

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."

"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).  (https://quotes.wsj.com/E) (https://quotes.wsj.com/E?mod=chiclets) (https://quotes.wsj.com/NG/XNSA/OANDO) (https://www.wsj.com/articles/suspected-iranian-oil-caught-in-sanctions-trap-11560966215)

"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) (https://www.cnbc.com/2018/05/13/iran-sanctions-will-create-disruption-in-oil-price-eni-ceo.html)

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).  (https://www.sec.gov/Archives/edgar/data/1002242/000117494719000533/tv509650-20f.htm)

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." (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List%20of%20persons%20pursuant%20to%20Tenn.%20Code%20Ann.%2012-12-106%20Iran%20Divestment%20Act.pdf)

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." (https://www.sec.gov/Archives/edgar/data/1002242/000110465920042364/tm1923634-1_20f.htm)

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."

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." (https://www.sec.gov/Archives/edgar/data/1002242/000117494717000442/t1700553-20f.htm)

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."

"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). (http://uk.reuters.com/article/uk-eni-ceo-iran-idUKKBN13J21W)

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." (https://www.sec.gov/Archives/edgar/data/1002242/000131143516000022/sj0416eni20f.htm)

"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). (https://www.reuters.com/article/us-eni-iran/eni-has-recouped-all-outstanding-iran-payments-ceo-idUSKBN1IB2DY)

Bloomberg,"Eni says managers withheld information in illegal Iran oil trade," 11/12/21 (https://www.bloomberg.com/news/articles/2021-11-12/eni-says-managers-withheld-information-in-illegal-iran-oil-trade)

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. (http://www.nj.gov/treasury/doinvest/pdf/index/Iran_Progress_Report.pdf) (https://www.legis.iowa.gov/docs/publications/DF/861433.pdf) (https://procurement.sc.gov/files/Iran_divestment_122017.pdf) (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List_of_persons_pursuant_to_Tenn._Code_Ann._12-12-106_Iran_Divestment_Act_updated_7.7.17.pdf / https://www.leg.state.mn.us/docs/2017/mandated/170167.pdf http://data.treasury.ri.gov/dataset/scrutinzed-companies-list-iran/resource/6936d293-53b5-4223-8f6d-36777bf91c6d) (http://data.treasury.ri.gov/dataset/scrutinzed-companies-list-iran/resource/6936d293-53b5-4223-8f6d-36777bf91c6d) (https://www.leg.state.mn.us/docs/2017/mandated/170167.pdf)

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”) (https://www.ambrosetti.eu/en/summits-workshops-forums/international-summits-with-think-tanks/iran-italy-summit/)