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Shell pays Iran $130m compensation for its delays

TEHRAN, Dec. 11 (Mehr News Agency) - The Shell Oil Company has so far paid Iran 130 million dollars as compensation for its delays and repair costs in Sorush and Noruz oil fields.

Following its delivery of the two oil fields to Iran's Offshore Oil Company, Shell has paid a sum of about 130 million dollars for the repair costs and the damages resulted from its delays in developing the projects, the Persian service of Iranian Students News Agency (ISNA) quoted the project manager Mehdi Atrianfar as saying on Sunday. He added that, the costs were also expected to rise.

The oil official had earlier said that, the company's recurrent delays during the project implementation had in addition to reducing its 15 percent capital return share, tarnished its reputation.

Referring to the development project in the two oil fields he explained that Salman Oil Field was 85 percent complete adding, "We expect to produce 500 cubic feet of natural gas from the field next year."

He also stated that, the natural gas from Salman was planned to be delivered to its customer in Emirates before the yearend but due to the lack of the purchaser's readiness the project was postponed.

... Payvand News - 12/11/05 ... --

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