By IRNA,
London : Shell, the Anglo-Dutch oil giant, was reported Tuesday to have increased oil trade with Iran at a time when other major buyers, including BP and Reliance Industries, India’s largest conglomerate, halted orders due to sanctions.
According to sensitive trading documents obtained by the Guardian newspaper, Shell paid the state-owned Iranian oil company at least $1.5 billion for crude oil this summer, more than 25% up on the previous three months.
Following the latest round of UN and EU sanctions this year, William Hague, the British foreign secretary, reaffirmed that the UK does not encourage trade with or investment in Iran because of ‘serious concerns about the nature of Iran’s nuclear programme’.
But, according to the Guardian, Shell has insisted it is doing nothing illegal. ‘We do not comment on our trading activities but would underline that we continue to comply with all legislation,’ a spokesman said.
The increase comes despite oil traders reportedly saying it has became harder for buyers to obtain letters of credit from banks required to complete transactions with Iran and with insurers reluctant to cover cargoes for fear of falling foul of US sanctions.
Data shows French and Italian oil companies, Total and API, also defied sanctions by lifting more Iranian crude between May and August than in the previous three months, up 12% and 70% respectively.
In contrast, it was reported in July that BP, Britain’s biggest company, went to the extent of even stopping to refuel Iranian aircraft in response to the threats of extra-territorial US sanctions against firms trading with Iran.