The head of Italy’s refiners’ lobby says the EU Iranian oil embargo will lead to a speedy closure of about 70 European refineries

The head of Italy's refiners' lobby says the European Union (EU) embargo on the Iranian oil sector will lead to a speedy closure of about 70 European refineries.

“Italy already risks the closure of five refineries and at a European level we're talking about 70 possible shutdowns,” Piero De Simone, general manager of Unione Petrolifera, told Bloomberg.

He expressed concern over the unilateral sanctions on the Islamic Republic, saying the embargo will help the Asian oil importers will thus be more powerful to undercut their European competitors.

"Asian countries not applying the embargo could buy the Iranian oil at a discount and sell cheap refined products back to us," Piero De Simone said.

The Iranians will have to unload their production somewhere and “I'm sure they'll find buyers,” he said.