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Shell OK with dealing in Iranian crude

Published: Oct. 28, 2010

LONDON, Oct. 28 (UPI) — Royal Dutch Shell is still dealing with Iranian crude oil shipments under current contracts, the company’s chief financial officer said Thursday.

Simon Henry, Shell’s top financial official, said his company was still taking delivery of Iranian crude oil under the terms of its existing contracts with the Islamic republic.

The European Union and United States passed new sanctions in July that target Iran’s energy sector, though Henry said the sanctions didn’t deal with trading in Iranian crude.

“We always have and always will work with sanctions and legal requirements,” he was quoted by the Platts news service as saying.

Shell since the EU and U.S. sanctions pulled out of the downstream energy sector in Iran and stopped technical work in the upstream sector.

The company doesn’t sell jet fuel to Iranian airlines operating outside of Iran and Henry said the company stopped supplying refined petroleum to the sanction-strapped country as well.

The European Union, meanwhile, said Wednesday that its sanctions “should not affect the import or export of oil or gas to and from Iran,” Platts added.

“We need to assess the impact (these sanctions),” added Henry.

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