Young Journalists Club | Latest news of Iran and world

News ID: 2507
Iran » Iran
Publish Date: 11:45 - 28 October 2013
Tehran, YJC. As Iran and Shell look forward to resume trade, the country is seeking to claim its $2.3 billion credit first.

Shell was a costumer for Iran’s crude before EU sanctions cut the deal. Back then, the Anglo-Dutch company used to buy 150-200 thousand bbl Iranian black gold every day.

As sanctions made the company stop its purchase of Iranian oil, the company came to owe $2.3 billion, which had to do with 8 million bbl oil it had received on credit.

So far Shell has considered a number of ways to pay Iran back, but the two sides have not yet reached agreement on a specific plan.

Recently the Iranian Oil Minister Bijan Namdar Zanganeh has formed a workgroup to pursue the country’s claims of different international companies. The workgroup has so far had correspondences and phone calls with Shell in pursuit of the debt.

Not only a costumer of the Iranian crude, Shell used to cooperate with Iran in projects such as the Soroush and Noruz field development projects before sanctions stalled the business.

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