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Shell increases crude oil trade with Iran – report

Reuters Africa
Tue Sep 28, 2010 1:41am GMT

LONDON, Sept 28 (Reuters) – Royal Dutch Shell (RDSa.L: Quote) has bought $1.5 billion worth of crude oil from the National Iranian Oil Company (NOIC), Britain’s Guardian newspaper said, citing sensitive trading documents.

The newspaper said the UK-registered company this summer stepped up its orders of Iranian oil while other major buyers — including BP (BP.L: Quote) and India’s Reliance Industries (RELI.BO: Quote) — halted orders following U.N.-imposed sanctions in June in reaction to Iran’s uranium enrichment programme.

Wide-ranging international sanctions implemented in June and July have excluded crude oil sales, but Western-allied powers have increased political pressure on countries to trade less with Iran.

“We continue to comply with all legislation,” the Guardian quoted a Shell spokesman as saying, adding that the company does not comment on its trading activities.

The paper quoted a Foreign Office spokesman as saying Britain “will rigorously enforce sanctions.”

No immediate comment was available from the Foreign Office, while Shell was not immediately reachable.

(Reporting by Karolina Tagaris; Editing by Bernard Orr)

© Thomson Reuters 2010 All rights reserved

SOURCE ARTICLE

Guardian Article: Shell increases oil trade with Iran – despite sanctions

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