EU Iran Oil Embargo Over Nuclear Work Said Likely to Be Delayed Six Months

By Thomas Penny and Nicole Gaouette - Jan 13, 2012 1:10 AM GMT+0100

A European Union embargo on imports of Iranian (OPCRIRAN) 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 27- nation bloc’s foreign ministers on Jan. 23, also is likely to include an exemption for Italy, so crude can be sold to pay off debts to Rome-based Eni SpA (ENI), Italy’s largest oil company, according to the official, who declined to be identified because the talks are private.