Iran pursues Venezuela’s outstanding debt in legal courts

Iran Materials 30 September 2013 12:56 (UTC +04:00)

Azerbaijan, Baku, Sep.30/ Trend F.Karimov/

Iran is pursuing Venezuela's failure to pay its outstanding debt for buying oil tankers from Iran through the law courts, the Fars News Agency reported.

The two countries signed a deal in 2007, based on which Iran should build four oil tankers for Venezuela. Building the tankers will cost around $200 million, according to the report.

According to the deal, each of the tankers would cost Ђ57 million, but Venezuela has not paid its debt to Iran after receiving the first oil tanker last winter.

Salman Zarbi, the managing director of Iranian shipbuilding company SADRA, said the Venezuelan side will not receive the tanker due to uncertain reasons and the case is being followed up legally.

In November 2012, the Fars News Agency reported that Iran will build four oil tankers and invest in a number of oil refining projects in Venezuela.

In July, IRNA reported Iran has completed construction of the first of four oil tankers.

The Aframax-category tanker capable of carrying 113,000 tons of oil, the equivalent of 75,000 barrels, was built over the past two years by the Iranian shipbuilding company SADRA.

The other three will be built in the coming months as part of the 2007 euro-denominated contract signed with Venezuela.