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Shell to comply with Iran gasolene sanctions

Houston Chronicle

Oct. 29, 2009, 5:46AM

Royal Dutch Shell Plc said it will comply with international rulings on gasoline supplies to Iran as part of United Nations sanctions against the country over its nuclear program.

“We always comply with all existing legislation in countries or from other countries,” Shell Chief Financial Officer Simon Henry said today on a conference call with reporters. He declined to comment further.

The U.S. House Foreign Affairs Committee on Thursday approved a measure that would impose sanctions on individuals and companies that help Iran produce refined petroleum products or send them to the country. The Iran Refined Petroleum Sanctions Act seeks to cripple the nation’s petroleum industry by banning a broad range of operations including shipping and consulting.

The UN is seeking to prevent Iran from building a nuclear bomb. Inspectors this week visited a uranium-enrichment site 100 miles (160 kilometers) south of Tehran. The plant, whose existence was revealed last month, is Iran’s second facility after Natanz to enrich uranium and isolate isotopes to generate fuel used in an atomic reactor.

Iran can circumvent any gasoline sanctions the U.S. imposes over its nuclear program by tapping fuel reserves and switching suppliers, Hojatollah Ghanimifard, vice president for investment affairs at National Iranian Oil Co., said Oct. 6.

Iran has said its nuclear program is civilian and it has the right, as a signatory to the nuclear Non-Proliferation Treaty, to develop an atomic energy industry.

www.bloomberg.com

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