REPORT: Shell Is Looking Into Using Grains Instead Of Cash To Pay Off A Debt To Iran

REPORT: Shell Is Looking Into Using Grains Instead Of Cash To Pay Off A Debt To Iran

by Richard Mably

LONDON, Oct 26 (Reuters) - Oil major Royal Dutch/Shell is seeking to work around international sanctions by repaying a $1.4 billion oil debt to Iran with a grain barter deal via U.S. agribusiness giant Cargill, industry sources said.
Shell wants to repay a debt that is growing larger because of unpaid interest, having failed to settle its accounts with the National Iranian Oil Company (NIOC) ahead of a European Union embargo on oil imports that started on July 1.http://www.businessinsider.com/shell-seeks-iran-sanctions-workaround-via-cargill-grain-barter-2012-10?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29