Report: Swiss court orders Israel to pay Iran $1b for over Shah era oil deal

A Swiss court has allegedly ordered Israel to pay Iran $1.1 billion, including $7 million in legal fees, finding the former to not have compensated the Islamic Republic for a pre-revolution deal that involved the sale and shipping of Iranian oil through an Israeli port.

According to a report by the Islamic Republic News Agency, a source at Iran’s Presidential Center for Legal Affairs claimed that  in conjunction with a 1968 agreement between Israel and the Shah’s government, the Iranian Oil Company  had delivered 14.75 million cubic meters of crude oil at a value $450 million to Israel’s Trans-Asiatic Oil Ltd.

At the time, Iran and Israel enjoyed warm relations. Iran held shares in the Eilat-Ashkelon Pipeline Co. and its oil tankers passed through Israel’s Red Sea port at Eilat before entering the Mediterranean, eventually reaching their European destinations.

Source: http://www.jpost.com/Israel-News/Politics-And-Diplomacy/Report-Swiss-court-orders-Israel-to-pay-Iran-1b-for-over-Shah-era-oil-deal-403678

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