Shell seeks Iran sanctions workaround via Cargill grain barter

Reuters – Oil major Royal Dutch/Shell (RDSa.L) 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 CARG.UL, 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., UK and Dutch authorities – who will be under pressure to agree on humanitarian grounds – for an “offset agreement” that would permit it to fund Cargill to deliver enough grain to Tehran to clear the debt. Read Article

Source Article from http://openyoureyesnews.com/2012/10/31/shell-seeks-iran-sanctions-workaround-via-cargill-grain-barter/

You can skip to the end and leave a response. Pinging is currently not allowed.

Leave a Reply

Powered by WordPress | Designed by: Premium WordPress Themes | Thanks to Themes Gallery, Bromoney and Wordpress Themes