Iran, Shell start oil negotiations

Iran, Shell start oil negotiations

Azerbaijan, Baku, Oct.27/ Trend R.Zamanov/

Iran's oil ministry and the Royal Dutch Shell have started a new round of talks for settling the multinational company's debts to Iran.

Shell's debts to Iran amounts to $2.3 billion, the Mehr News Agency reported.

Iran's oil ministry has formed a special workgroup to follow the talks.

Former Oil Minister Rostam Qasemi said in April that under recent permissions issued by the EU and the UN, the oil company will settle its debt to Iran.

Shell lost money trading Iranian crude in 2012 shortly before a European Union embargo and still owes $2.3 billion to Tehran for oil purchases, Reuters reported.

The firm said its trading division generated gross revenue of $481 million in 2012 on Iranian oil purchases and a net loss of $6 million. Condensate and fuel oil purchases from Iran generated gross revenue of $631 million and a net profit of $4 million, failing to compensate for the loss in crude.

"None of these purchases has been paid for, and all contracts were terminated and activities ceased before June 28, 2012," Shell said referring to the date when sanctions on Iranian oil came into force.

"Currently, we have approximately $2,336 million payable to, and $11 million receivable from, National Iranian Oil Company. We are unable to settle the payable position as a result of applicable sanctions," Shell said.

Shell suspended all trade with Iran before last June but failed to settle its accounts with the National Iranian Oil Company (NIOC) ahead of the embargo, which was imposed as part of the West's standoff with Iran over Tehran's nuclear program.

Shell ceased upstream activities and suspended new business developments in Iran back in 2010 and is closing its representative office in Iran, it said.

Weekly review of Azerbaijan's precious metals market
Weekly review of Azerbaijan's precious metals market
Azerbaijan's Anglo Asian Mining reveals revenue forecast for this year
Azerbaijan's Anglo Asian Mining reveals revenue forecast for this year
Azerbaijani ambassador meets with Russian St. Petersburg's governor
Azerbaijani ambassador meets with Russian St. Petersburg's governor
Loading Bars
Latest
Iran's import of chemicals from Turkey dips
Weekly review of Azerbaijan's precious metals market
Total volume of non-bank deposits in Georgia′ s banking sector up
Italy considers production of Italian denim fabrics in Uzbekistan
Iranian Energy Exchange announces products to be on sale September 27
Azerbaijan's Anglo Asian Mining reveals revenue forecast for this year
UK records another 6,042 coronavirus cases
Brazil exceeds 140,000 deaths from COVID-19
Iran, Iraq discuss bilateral ties, regional developments
Turkey unveils goods shipment figures from Lebanon via its ports
Serbia to further boost ties with Turkey, President Vucic says
Deputy Health Minister – Georgia maintains ‘dark green zone’ status on global COVID-risk scale
EU-Kazakhstan Cooperation Committee debate COVID-19 impact, coop issues
Ukraine's president orders prompt investigation of plane crash
Iran's Bahar Azadi gold coin price continues to rise
Azerbaijan's FM meets with EU Special Representative for South Caucasus (PHOTO)
Azerbaijani president congratulates his China counterpart
England's COVID-19 app does not accept a third of test results
Kazakh cities introducing smart technologies via Smart City projects
Volume of cargo shipment from Spain across Turkish ports revealed
Kazakhstan increases exports to Greece despite COVID-19
Import of cars from Turkey by Georgia shows drop
Iran reveals its COVID-19 data for September 26
Azerbaijani ambassador meets with Russian St. Petersburg's governor
Azerbaijan confirms 131 more COVID-19 recoveries
Kazakhstan, EU eye establishing direct air flights
Azerbaijani president expresses condolences to president of Ukraine
Uzbekistan, Egypt eye to co-op regarding electrical equipment production
Russia reports over 7,500 coronavirus cases in the past day
Turkmenistan’s Turkmentruba opens tender to buy chemical products
Kazakhstan's postal service operator to buy coal via tender
Volume of loans issued by Georgian commercial banks down
Loan portfolio of banks, NBCOs in Azerbaijan down
Volume of cargo shipment from Egypt across Turkish ports revealed
Weekly review of Azerbaijan's currency market
Azerbaijani oil prices on the rise
Volume of food oil exported from EAEU to Turkmenistan revealed
Average monthly salary in Baku increases
Member of Pakistani Senate: Ethno fascism of Armenia - menace to regional stability
Total assets of Azerbaijani banks decline
Share of Turkish cars on Israeli market down
Uzbek airport to buy accumulator batteries and agriculture tires via tender
Uzbek airport to buy auto parts via tender
China increases import of Turkish cars
Turkey's chemicals exports to Georgia down
Turkish gov't: Pashinyan's statement on Azerbaijan, Turkey - attempt to deceive world community
Philippines surpasses 300,000 confirmed coronavirus cases
Azerbaijani delegation to UN: Armenian attempts to disguise unlawful actions by self-determination - fundamentally flawed
Georgia increases export of apples
Turkmenistan's Turkmenabat chemical plant develops co-op with country’s private sector
Another rise in food prices expected in Georgia
Number of oil and gas wells drilled in Iran revealed
Uzbek-Korean AO Uz-Dongwon opens tender for transport services
Azerbaijan's MFA: Armenian MFA's worthless statement can't deny truth said by President Aliyev
Uzbek-Korean Uz-Kor Gas Chemical LLC to buy software via tender
Uzbekistan to create its own COVID-19 vaccine
China's Changan Ford JV sales to grow this year, company official says
Iranian currency rates for September 26
Georgia reports 296 new COVID-19 cases
Uzbek potash fertilizers export to Indonesia to be increased
Turkmenistan brings home its citizens from Turkey amid COVID-19 threat
Russian’ Astrakhan interested in importing Turkmen textiles
Armenia violates ceasefire with Azerbaijan 48 times
Number of coronavirus cases in Uzbekistan approaches 55,000
Mitsubishi Motors to cut 500-600 jobs to reduce costs
Mitsubishi Motors to cut 500-600 jobs to reduce costs: sources
Every 250th person on Earth already contracted coronavirus
Latvia ready to provide access to its sea ports to Central Asian countries
Uzbekistan reduces import of electrical goods from Turkey
Gakharia: Georgia is a part of European civilization
Chinese mainland reports no new locally transmitted COVID-19 cases
American Airlines to get $5.5 bn loan from US Treasury
Togo's prime minister and government resign, presidency says
Brazil exceeds 140,000 deaths from COVID-19
124 illegal immigrants rescued off Libyan coast: UN
Seventeen more coronavirus patients die in Moscow in past day — crisis center
U.S. COVID-19 cases surpass 7 mln -- Johns Hopkins University
FAA chief set to conduct 737 MAX evaluation flight next week
UK pledges over $400 million for WHO, calls for end to 'ugly rifts'
25 people killed in military plane crash in Ukraine (UPDATE)
UAE reports 1,008 new COVID-19 cases, 89,540 in total
Turkmen textile company reveales production volume
Coronavirus cases pass half-million mark in France
Kazakhstan's export to Romania decreases amid COVID-19
TRT World aires documentary on devastating effects of Armenian-Azerbaijani conflict (VIDEO)
Inflow of Turkish labor migrants to France plunges to record low
Iran's trade with EU declines
Google to block election ads after November 3
Police officer shot dead at custody centre in London
Turkmen textile company talks impact of COVID-19 on exports
Level of dollarization on individuals' bank deposits in Azerbaijan increase
Georgia reveals volume of processed grapes as of Sept.25
Rise in COVID-19 cases in Turkey now under control, health minister assures
Azerbaijani president: According to our intelligence, very serious military training under way
President Ilham Aliyev: Armenia is preparing for war
President Ilham Aliyev: Region has not become a safer place, unfortunately, situation is deteriorating
US embassy in Azerbaijan urges to reconsider non-essential travel outside Absheron Peninsula
Global COVID-19 death toll could hit two million before vaccine in wide use: WHO
'Intellectual Field' to allow stabilize production level in Kazakhstan
Iran's auto giants to talk over hybrid vehicles production
All news