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Shell Suffers Iranian Oil Trade Losses, Owes $2.3B to Tehran
Mar. 20, 2013 06:22PM PST
Oil and Gas InvestingReuters reported that Royal Dutch Shell said it suffered financial losses trading Iranian crude in 2012 just before a EU embargo took place. The company revealed it still owes Iran $2.3B for oil purchases.
Reuters reported that Royal Dutch Shell said it suffered financial losses trading Iranian crude in 2012 just before a EU embargo took place. The company revealed it still owes Iran $2.3B for oil purchases.
As quoted in the market news:
The firm said its trading division generated a gross revenue of $481 million in 2012 on Iranian oil purchases and a net loss of $6 million. Condensate and fuel oil purchases from Iran generated a gross revenue of $631 million and a net profit of $4 million, failing to compensate for the loss in crude.