NIOC permits oil sales to Shell

News ID: 3590276 -
TEHRAN, Apr. 04 (MNA) – National Iranian Oil Company (NIOC) has authorized oil sales to Shell after the British company met its 2.8-billion-dollar debt.

In time with the settlement of Royal Dutch Shell’s 2.8-billion-dollar debt to Iran, NIOC has legitimated selling Iranian crude to the Anglo-Dutch multinational oil and gas company.

Seyyed Asghar Hendi, alternate director of NIOC board of managers, has described the latest status of Shell’s solvency asserting “the European company has cleared its debt to Iran while the rest of Oil Ministry’s demands are being negotiated and followed up.”

Given the retirement of oil debts, NIOC could seal contracts for the sale of crude oil and condensate with Britain’s Shell Company following the oil sale agreements with France’s total, Lukoil of Russia, Spain’s Cepsa as well as Hellenic Petroleum of Greece.

Previously, NIOC had set elimination of debts as a prerequisite to resumption of oil sales and cooperation with the Anglo-Dutch oil company.

Seyyed Mohsen Ghamsari, Executive Director for International Affairs at National Iranian Oil Company, had previously confirmed the conducted negotiations with Shell saying “the resumption of Iran’s crude oil sales to the company is subject to payment of old debts.”

 

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