An Israeli owned oil company to pay Iran $1.2 billion
 

An Israeli owned oil company to pay Iran $1.2 billion


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An Israeli owned oil company has been ordered by an arbitration court in Switzerland to pay Iran USD 1.2 billion in revenues for oil supplied to Israel before the 1979 Islamic Revolution.


The Swiss Supreme Court in Lausanne ordered the Israeli firm, the Trans-Asiatic Oil Ltd., or TAO, to pay the money to the National Iranian Oil Company (NIOC), the website of Israeli daily Haaretz reported on Monday.
According to the Swiss court, sanctions have been lifted against the NIOC, and there is now no legal obstacle in the way of transferring the long-overdue payment.
The Israeli firm also has to pay roughly USD 200,000 in court costs.Al Bawaba News