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Shell Starts Process to Pay Iran $2bn in Oil Debt

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Global oil giant Shell has announced plans to repay its $2-billion oil debt to Iran, which it says it had been so far barred from paying due to western sanctions imposed against the country.

“Following the lifting of applicable EU and US sanctions, we can confirm that the process for paying Shell’s outstanding debt to the state-run company (NIOC) has started,” the media have quoted a Shell spokesperson as saying.

http://www.gulfoilandgas.com/webpro1/main/mainnews.asp?id=50111

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