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Sanctions force Shell to repay Iran $1.4bn in debt through barter deal
- Iran: Monday, October 29 - 2012 at 07:55
Royal Dutch Shell is seeking to repay a $1.4bn oil debt to Iran with a grain barter deal via US-based Cargill, Reuters has reported, citing industry sources. The oil major wants to repay a debt that is growing larger because of unpaid interest, having failed to settle its accounts with the National Iranian Oil Co (NIOC) ahead of a European Union embargo on oil imports that started on July 1. "They want to maintain amicable relations for the day when sanctions are lifted," said one source. "An offset transaction is the only way forward," said another source. "They are looking at several options. The main one is Cargill."
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