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Shell halts supplies to Iran

Financial Times

By Javier Blas and Carola Hoyos in London
Published: March 10 2010 23:11

Royal Dutch Shell on Wednesday said it has stopped selling refined petroleum to Iran, joining a growing list of oil companies and traders which have halted supplies for Tehran.

Shell’s withdrawal is the latest sign that the threat of sanctions and Washington’s behind-the-scenes efforts to convince companies not to sell to Iran are paying off.

The US is an increasingly important part of Shell’s business. The company has 22,000 employees in the US and pumps 14 per cent of its total oil and natural gas volumes from there, having big stakes in fields in the Gulf of Mexico and Alaska. Shell’s US refining and marketing operations span all 50 states and the company is in the process of more than doubling the capacity of a refinery it owns jointly with Saudi Aramco in Texas.

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