Home inContext Divestment Alert: Italian Oil Company, Eni

Divestment Alert: Italian Oil Company, Eni

Jonathan Schanzer

The Italian oil giant Eni intends to maintain a foothold in Iran despite U.S.-led pressure on international companies to cut exposure to the country, the Financial Times reports.

CEO Paolo Scaroni said that Eni did not intend to expand its presence in Iran, and that the company would honor U.N. decisions, if any were made. When asked about pressure from shareholders in the U.S., where divestment campaigns are growing, Mr. Scaroni said he would expect them to “react to a major move on Iran”, adding: “But we are not there yet.”

To summarize: Eni continues to do business with Iran, despite the knowledge that it is a terror-supporting state that has been working toward a nuclear bomb.

For more on the subject of divestment, see Frank Gaffney’s piece today on terror-free investing, or take a look at what we’ve been blogging about.