Shell ups volume of Iranian oil purchase
TEHRAN – Despite the sanctions imposed by the UN Security Council against Iran, the Anglo-Dutch Shell oil consortium is increasing its volume of oil purchases from the Islamic republic, while the other large customers, including BP and Reliance Industries, India's largest conglomerate, have suspended their orders because of the sanctions, the IRNA news agency reported.
This summer, Shell paid $1.5 billion to the Iranian National Oil Company, which is more by 25 percent over the previous three months.
Following the sanctions of the UN and the EU [imposed on Iran], British Foreign Minister William Hague confirmed that his country does not encourage trade or investment in Iran, due to serious concerns about this country's nuclear program.
However, the Shell consortium insists on the legitimacy of its trading activity. During the period from May to August, French and Italian oil companies - Total and API - also increased the amount of oil purchases from Iran by12 and 70 percent, respectively, compared to the previous three months.
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