Saipem looks to restart Venezuela operations on easing sanctions

Italian oil contractor Saipem is ready to resume activities in Venezuela for both offshore and onshore projects after the easing of US sanctions, Chief Executive Alessandro Puliti said on Wednesday.

"Things in Venezuela are changing very quickly."

"It's a country where we worked a lot in the past, and we are ready to return as soon as there is demand from clients," Puliti said in a post-results call.

The United States relaxed sanctions on Venezuela's energy sector earlier this month, issuing two general licences that allow global energy companies to operate oil and gas projects in the OPEC member and for other companies to negotiate contracts to bring in fresh investments.