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Shell to pay oil debts to Iran once sanctions are lifted

by ChemOrbis Editorial Team -
  • 25/08/2015 (16:08)
According to media reports, Royal Dutch Shell plans to pay its oil debts of $2 billion to the National Iranian Oil Company (NIOC) once sanctions are fully lifted. The company was unable to clear its debts previously due to Western sanctions on Iran’s economic activities.

The company also voiced its willingness to invest in Iran’s energy sector in the post sanctions period. According to Reuters, Edward Daniels, Shell’s executive vice-president for commercial and new business‎ development, said that Iran is an important potential new business area while adding that Shell is also considering other projects around the world and has not yet made a final investment decision.
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