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ERG

ERG

Industry: 
Energy
Country: 
Italy
Sources: 

"Other oil companies in the Mediterranean including Spain's Cepsa and three other Italian oil firms, ERG, Iplom and Saras have planned to take their last cargoes from Iran in June, other market sources said." (Reuters, "Eni suspends Iran's debt payments in oil," 5/31/2012)

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ERG imported 30,000 barrels of Iranian crude per day in both March and April of 2012. (Reuters, "Europe's Buyers Trim Iranian Oil Imports in April," 4/18/12)

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"Italy's biggest independent refiner by capacity, uses very little Iranian crude and expects to replace it with Russian oil if a European Union embargo takes place, Chief Executive Alessandro Garrone said Tuesday.'We use hardly any Iranian crude,' Garrone told Dow Jones Newswires on the sidelines of an event in Rome, without giving a specific amount... ERG expects to turn to Russian crude if the EU goes ahead with an embargo in an attempt to end Iran's nuclear program." (WSJ, "Little Iran Oil Used; Russia Oil Replacement Eyed," 1/10/12)

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