Shell repays Iran €1.77B debt for oil deliveries

|By:, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) has paid €1.77B it owed the National Iranian Oil Company, Reuters reports, settling debts after sanctions against Iran were lifted in January.

The outstanding debt was the result of Iranian oil deliveries which Shell had been unable to pay for because of sanctions that were imposed on the country over its nuclear program.

The payments reportedly were made over the past three weeks in euros, as dollar transactions are still under U.S. sanctions.

Shell says the debt repayment could lead it to make new investments in Iran "within the boundaries of applicable laws."

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