UAE`s Enoc Pays Iran $4 Billion in Oil Dues

Iran has said it had received more than $4bn from Emirates National Oil Company (ENOC). as part of the UAE retailer`s settlement of its debts owed to Iran for pre-sanction oil and gas purchases. reported Iranian news website Al Alam.
Iran`s Supreme Audit Court. which monitors the Oil Ministry`s deposits into the state treasury. said that the Central Bank of Iran had received the total amount of $ as part of Enoc debts over the purchase of gas condensate. the agency said on Sunday.
Last year Iran`s Ministry of Petroleum confirmed that international oil companies (IOCs) had started paying the amounts owed to Iran for pre-sanction oil purchases.
Debtors include the UAE`s Enoc. Anglo Dutch energy giant Shell. Greece`s Hellenic Petroleum. Italy`s Saras.
Banking restrictions had previously prevented the companies from transferring payments to Iran.
Iran re-entered the global economy in January 2016 following years of crippling international sanctions. after the UN announced the country had complied with the terms of a landmark deal in July 2015 aimed at scaling down its nuclear programme.
The landmark deal Tehran finalised with six world powers allowed it to have immediate access to more than $50bn in long-frozen assets and freedom to sell its oil and purchase goods in the international marketplace.

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