Exclusive: Shell scrambles to pay huge bill for Iran oil

Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources ...

Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources said.

LONDON (Reuters) - Oil major Royal Dutch/Shell is seeking to work around international sanctions by repaying a $1.4 billion oil debt to Iran with a grain barter deal via U.S. agribusiness giant Cargill , industry sources said. Shell wants to repay a debt that is growing larger because of unpaid interest, having failed to settle its accounts with the National Iranian Oil Company (NIOC) ahead of a European Union embargo on oil imports that started on July 1. It is hoping to get clearance from U.S. ...

LONDON (Reuters) - Oil major Royal Dutch/Shell is seeking to work around international sanctions by repaying a $1.4 billion oil debt to Iran with a grain barter deal via U.S.

SINGAPORE/SEOUL — South Korea’s Samsung Total Petrochemicals Co has revived a contract to buy Iranian oil after a year’s hiatus, as thin margins in plastics make the cheap fuel from Iran hard to resist, people familiar with the deal said on Friday. Stringent U.S. and European sanctions aimed at reducing Iran’s oil income and forcing Tehran to curb its nuclear programme have made shipping and paying for the oil hard, halving the Islamic Republic’s crude exports.

West Texas Intermediate climbed in New York to the highest level in more than a week as OPEC raised its demand forecast and the Group of Seven pledged to avoid devaluing their currencies.

VIENNA (Reuters) - Sta