Israeli oil firm ordered to pay $1.2 billion to Iran


( The Israeli-owned oil company Trans-Asiatic Oil Company (TAO) was ordered by the Swiss Supreme Court to pay Iran's state oil company $1.2 billion in revenues owed prior to the 1979 Islamic Revolution, according to Haaretz.

TAO lost an appeal over a June court order requiring it to pay the National Iranian Oil Company (NIOC) 250,000 Swiss Francs ($260,000) because NIOC was removed from the list of sanctions against Iran, which lifted any legal blockage to paying back the debt.

The partnership between the Israeli and Iranian firms was signed in 1968, until Iran stopped all relations with Israel. Since then, a drawn-out legal battle has ensued over a disputed sum of $7 billion allegedly owed to Iran from oil supplied to Israel.

The "National Iranian Oil Company" logo before the 1979 Iranian revolution. Credit: The National Iranian Oil Company via Wikimedia Commons.

Posted on August 8, 2016 .