Eni to restart work in Iran when debt repaid, contracts known

The logo of Italian energy company Eni is seen at an Agip gas station in Lugano, Switzerland June 3, 2016. REUTERS/Arnd Wiegmann/File Photo

FLORENCE (Reuters) - Italian oil major Eni ENI.MI 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.

Reporting by Giancarlo Navach, writing by Stephen Jewkes