BREAKING NEWS

Italy oil body expects Iran oil imports ban

By REUTERS

NOVEMBER 24, 2011 18:04

LONDON - Italian sanctions prohibiting imports of crude oil from Iran are inevitable and will come at a cost to the region's oil companies, the director of Italy's oil industry body told Reuters on Thursday.

"There is nothing we can do to prevent sanctions, given the political orientation of the government today," said Pietro de Simone, director of Italy's Unione Petrolifera (UP).

Pressure from the United States to isolate Iran over its nuclear plan has mounted and the EU agreed in principle to new sanctions on Iranian people, assets and companies.

Italy relies on Iran for around 13 percent of its crude oil needs, equivalent to over 10 million tonnes per year (around 200,000 barrels per day), he said.

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