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EU Embargo on Iran Likely to be Dealyed by Six Months
A EU embargo on imports of Iranian oil will probably be delayed for six months to let countries such as Greece, Italy and Spain find alternative supplies, an EU official with knowledge of the talks said. The embargo, which would need to be accepted by the EU's foreign ministers on January 23rd, also is likely to include an exemption for Italy, so crude can be sold to pay off debts to Rome-based Eni SpA, Italy's largest oil company, according to the official, who declined to be identified because the talks are private. A ban on petrochemical products would start sooner, about three months after EU ministers agree to the measure, the official said. "Work by experts from the 27 member states is in a very intensive phase. They are looking into different options for restrictive measures with a view to adoption on Jan. 23." Maja Kocijancic, a spokeswoman for the European Commission, said by phone yesterday from Brussels. (Live Oil Prices)

(published on 01/16/12)

 

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