Zionist oil company fined to pay $1.1bln to Iran

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Local editor

Irna – An informed source at the Legal Affairs Center of IRI Presidential Office said on Tuesday that an oil company affiliated to Zionist regime has been fined to pay over 1.1 billion dollars of fine to Iran.

The informed source said that the National Iranian Oil Company (NIOC) and the Zionist regime of Israel had signed a contract in 1968 on transferring Iranian oil to Israel through the Red Sea.

‘In order to implement that agreement, the NIOC established a company named Fimarco in Liechtenstein and the Zionist regime, too, established a company named Tao in Panama and then those two companies jointly established a company named Frigate in Liechtenstein and commissioned it to do oil deals. The Iran-Israel oil dispute is related to that company’s transactions,’ he said.

The NIOC and Frigate Company signed a contract for delivery of 14.75 million cubic meters of Iranian crude oil to Tao Company, the monetary value of a part of that deal; equal to $450 million was not paid to the NIOC.

The Iranian complaint against the Zionist regime was based on that debt, in addition to the bank interest of it throughout these years, but of course Tao Company, too, had filed a complaint claiming that the NIOC, too, had refrained from abiding by the terms of the that contract, which was rejected by the court.

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