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Iran to sign $1.5B oil deal with Italy's Eni

Press TV - Iran is to sign a USD 1.5 billion deal with Italian energy firm Eni for the development of the third phase of Iran's Darkhovin oil field.

Eni has submitted a feasibility study of Darkhovin's third phase to Iran's Oil Engineering and Development Company (OEDC), a spokesman for the Iranian company said on Wednesday.

"Eni is currently active in the first two phases of Darkhovin and has voiced interest in developing the oil field's third phase with an investment of USD 1.5 billion," he said.

Eni, Italy's biggest oil and gas company, signed a USD 550 million deal with the National Iranian Oil Company (NIOC) in 2001 to develop Darkhovin oil field which lies in southwest Iran near the Iraqi border.

It brought the first phase on line in 2005 and is now active in the second phase.

It is expected that oil production at the oil field would ultimately reach 260,000 barrels per day (bpd) once the third phase of the field becomes operational.

Italy cancels minister's Iran visit

By Guy Dinmore in Rome (Financial Times)

Italy on Wednesday cancelled at the last minute a flight to Iran by Franco Frattini, foreign minister, following strong objections from European capitals and Washington and a bid by Mahmoud Ahmadi-Nejad, Iran's hardline president, to make election propaganda out of his visit.

Italy's foreign ministry said it called off the two-day trip because Mr Ahmadi-Nejad, who is campaigning for re-election next month, wanted to meet Mr Frattini in the city of Semnan where the Iranian president had just announced the successful launch of a medium-range missile capable of hitting Israel. -- read more

... Payvand News - 05/21/09 ... --

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