• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 34 mins Satellite Moons to Replace Streetlamps?!
  • 16 hours US top CEO's are spending their own money on the midterm elections
  • 2 hours EU to Splash Billions on Battery Factories
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 2 hours The Balkans Are Coming Apart at the Seams Again
  • 18 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 24 hours Petrol versus EV
  • 2 hours The Dirt on Clean Electric Cars
  • 14 hours Uber IPO Proposals Value Company at $120 Billion
  • 19 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 4 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 16 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 21 hours 10 Incredible Facts about U.S. LNG
Rig Count Rises Amid Oil Price Recovery

Rig Count Rises Amid Oil Price Recovery

The active number of rigs…

The Oil Keeps Flowing: Iran Evades U.S. Sanctions

The Oil Keeps Flowing: Iran Evades U.S. Sanctions

While President Trump’s stated aim…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Shell still Owe $2.3 Billion to Iran for Crude Purchased in 2012

Royal Dutch Shell has announced that it still owes $2.3 billion to Tehran for crude products traded in 2012 up until the summer deadline when the EU embargo took effect.

Shell announced that its trading division generated gross revenues of $481 million from Iranian oil in 2012 with a net loss of $6 million, and revenues of $631 million from condensate and fuel oil purchases, recording a net profit of $4 million.

All trade was completed and then suspended before the June deadline, but Shell were unable to settle its accounts with the National Iranian Oil Company (NIOC) before the EU embargo prevented any further financial transactions with Iranian banks.

Related article: Shell to Spend $1bn in Iraqi Oilfield Development

Shell claimed that, “none of these purchases have been paid for, and all contracts were terminated and activities ceased before June 28, 2012. Currently, we have approximately $2,336 million payable to, and $11 million receivable from, National Iranian Oil Company. We are unable to settle the payable position as a result of applicable sanctions.”

Shell has not commented on how it intends to pay its debts to Tehran. Initially it hoped to pay via a direct bank transfer, but permission was denied by the British government due to the sanctions. Sources then told Reuters that Shell were investigating the option of organising a grain barter deal via US agribusiness giant Cargill, although this was also blocked by authorities in Europe and the US.

By. James Burgess of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News