Shell settled its $1.94 billion it owed the National Iranian Oil Company (NIOC) over the Islamic Republic’s oil deliveries which Shell had been unable to pay for due to the sanctions.
“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 as cited by Reuters on Monday.
The spokesman further said the Anglo-Dutch company now is eager to make new investments in Iran.
“We remain interested in exploring the role Shell can play in developing Iran’s energy potential within the boundaries of applicable laws,” he said.
Shell’s debt of $2.7 billion stems from Iranian oil deliveries in 2011 and 2012 that the company was unable to pay because of the sanctions.
Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.
The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.
