Shell Suffers Iranian Oil Trade Losses, Owes $2.3B to Tehran

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.

Click here to read the full Reuters report.