Shell, Emirati oil firm repay debts to Tehran: Reports
Anglo Dutch energy giant Royal Dutch Shell has paid off its debt to Iran as UAE's retailer Emirates National Oil Company (ENOC) settles half of its oil dues from past purchases, reports say.
Reuters said on Monday that Shell had completed the payment of 1.77 billion euros ($1.94 billion) in debt to the National Iranian Oil Company (NIOC) in the wake of the lifting of sanctions on the country.
"Following the lifting of applicable EU and US sanctions, we can confirm that payment of the outstanding Shell debt to NIOC has now been made," a Shell spokesman said in a statement.
Banking problems had previously prevented the companies from transferring payments to Iran.
Payments equivalent to the full amount of the debt for unpaid oil deliveries was made in euros over the past three weeks, Shell said.
Meanwhile, UAE’s ENOC has repaid some 50 percent of its 5.3 billion euros in debts to Iran, IRNA reported on Thursday.
Iran’s Central Bank chief earlier said the Emirati retailer had settled nearly three billion dollars of its debts over the purchase of gas condensate.
Tehran will reportedly receive the rest of ENOC debts and other foreign companies’ oil dues by the end of the Iranian calendar year (March 19).
Officials have already announced that the country seeks to recover tens of billions of dollars of oil dues in euros following the removal of anti-Iran sanctions in January.
India, however, has insisted on repaying debts in its national currency, the rupee - - a move Iran has been unwilling to accept over the time issue in converting the rupee into a third currency.
Officials say all foreign oil debts will be collected by March 19, with the exception of those from Greek refineries, given the current economic situation facing Greece, which will make the debt-settlement process lengthier.
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