UAE’s ENOC Clears Iran Oil Dues

The Emirates National Oil Company (ENOC) has paid its outstanding oil dues to Iran, a report said.

Iran received more than $4bn from ENOC as part of the UAE retailer’s settlement of its debts owed to Iran for pre-sanction oil and gas purchases, the Qatar-based Al Jazeera broadcaster reported on Tuesday.

The report added that Iran’s Supreme Audit Court, which monitors the Oil Ministry’s deposits into the state treasury, confirmed that the Central Bank of Iran had received the total amount of $4,105,219,136 as part of Enoc debts.

Last year Iran’s Oil Ministry confirmed that international oil companies (IOCs) had started paying the amounts owed to Iran for pre-sanction oil purchases.

Debtors include the UAE’s Enoc, Anglo Dutch energy giant Shell, Greece’s Hellenic Petroleum, and Italy’s Saras.

The repayment of the debt was facilitated after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive nuclear deal and started implementing it on January 16.

The agreement, known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.

(Source: Tasnim, under Creative Commons licence)

No comments yet.

Leave a Reply