Bloomberg News

Shell Struggles to Pay Iran $1 Billion for Crude, Reuters Says

March 25, 2012

Royal Dutch Shell Plc (RDSA) is struggling to hand over $1 billion owed to Iran for crude-oil shipments because U.S. and European Union sanctions make it almost impossible to process payments, Reuters reported, citing four unidentified industry sources.

A debt of that size equates to about four large tanker loads of Iranian crude or about 8 million barrels, the news wire said. Ross Whittam, a Shell spokesman, declined to comment today when contacted by phone.

Shell asked the U.K. government for help in settling its account with Iran and was rebuffed, Reuters said.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net


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