Shell Can’t Pay Billion Dollar Oil Bill To Iran

In the nice problem to have department, Shell is doing its very best (or so they say) to settle a $1 billion bill for about four large tanker loads of Iranian crude. The problem: Sanctions make payments to Iran hard if not impossible. "Shell is working hard to figure out a way to pay. It's very sensitive and very difficult. They want to stay on good terms with Iran, while abiding by sanctions," a source told Reuters. Shell was one of Iran's top clients, along with France's Total and Turkey's Tupras. After sanctions on Iranian oil were declared, companies have until July 1 to take last deliveries of oil. Payment however is a whole different matter. "It is now nearly impossible to use the banking system," an oilman told Reuters. Payments had been hard for a while. Dubai banks used to be able to facilitate payment in and out of Iran, but this has stopped following pressure from Washington. Isn't this a problem we all would like to have? from The Truth About Cars http://www.thetruthaboutcars.com

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