Iran has claimed it is owed in the region of $4bn for oil sales to customers that have been unable to pay as a result of sanctions imposed by the US and EU on the country for its refusal to give up its nuclear program. Of this, around $2.3bn is owed by oil major Shell, Iranian officials said this week.

“We have been unable to get paid around $4bn due to the sanctions,” National Iranian Oil Company (NIOC) head Ahmad Qalebani told the media on the sidelines of the industry conference in Tehran on 21 April. “In the current circumstances there is a possibility that it could be paid either as medicine, food or barter of commodities,” he continued without going into any detail on the identity of the firms. (CONTINUED - 763 WORDS)