Israel oil firm ordered to pay Iran $1.1 bn: Tehran
NIOC and an Israeli company had signed an agreement in 1968 to transport Iranian oil to the Jewish state across the Red Sea
A Swiss court has ordered an Israeli oil firm to pay Iran $1.1 billion in compensation over a joint venture from before the 1979 Islamic revolution, state news agency IRNA said Thursday.
A judicial official quoted by IRNA said Tao, an Israeli firm registered in Panama, was ordered this month to pay the compensation to the National Iranian Oil Company (NIOC), in a legal tussle dating back to 1989.
NIOC and an Israeli company had signed an agreement in 1968 to transport Iranian oil to the Jewish state across the Red Sea.
But Tehran says it was owed $450 million after the revolution when Iran cancelled the contract because it does not recognize the Jewish state.
- Iran hopes to return oil exports to pre-sanctions level
- Tanker attacked by Iranian craft collided with Iran oil platform in March
- Iran anticipates lifted sanctions, modifies oil contracts to foreign firms
- Oil up after Iran seizes cargo ship; weak dollar supports
- Indian delegation to visit Iran to discuss oil deals: sources
- Nuclear deal means more Iran oil - just not this year
- Iran oil officials in Beijing to discuss oil supplies, projects
- OPEC should change course, cut oil output: Libya official
- Oil rises towards $58, heads for weekly gain as Iran supports