Italian energy company Eni said on Tuesday that it is reviewing its energy projects in the Middle East because of the coronavirus outbreak and current oil market conditions.
The company is analysing all projects including those with the Abu Dhabi National Oil Company (ADNOC), the company’s regional executive vice-president Fuad Krekshi said.
“Coronavirus has impacted Eni, as any other IOC (international oil company) and we are at the moment reviewing all our ongoing projects for this year 2020 and 2021,” Krekshi said in a media conference call, Reuters reported. He added:
We expect to come out with the revised plan sometime in the next month or first quarter
The region was hit by an oil price war between Saudi Arabia and Russia that sent crude prices crashing to their lowest levels since the 1991 Gulf War, after the coronavirus crisis decreased demand for oil.