(MENAFN) The National Iranian Oil Company (NIOC) stated that it has terminated a USD107 million deal with Italy's Edison, reported Tehran Times.
The NIOC said that the decision was taken as the Italian firm continued to postpone its work and was not committed to its obligations.
Six years ago the Iranian company inked the contract with Edison to help develop the Dayyer offshore block.
The Islamic Republic suspended contracts with other energy giants, such as French Total, Royal Dutch Shell, Norway's Statoil, Italy's ENI and Japan's Inpex Corp.
It is worth noting that on June 30, the sanctions approved by the EU against Iran's oil imports went into effect, banning member countries from purchasing oil from Iran.
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