ARCO and Sun agree to settle Iranian claims

Journal Article · Mon Aug 24 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:7032889

This paper reports that ARCO and Sun Co. Inc. have agreed to separate settlements totaling almost $261 million that resolve their claims over oil field assets expropriated by Iran in 1978--80. The agreements are subject to approval by the Iran-U.S. claims tribunal at The Hague. The tribunal was set up in 1981 to resolve foreign claims to assets nationalized by the government of Ayatollah Khomeini following the fall of the Shah of Iran as a result of the 1978-79 Iranian revolution. The settlements are seen as the latest steps Iran has taken to normalize relations with the U.S., notably through petroleum related deals.

• OSTI ID: 7032889
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:34; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
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29 ENERGY PLANNING, POLICY, AND ECONOMY
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ASIA
COOPERATION
DEVELOPED COUNTRIES
DEVELOPING COUNTRIES
ECONOMIC POLICY
GOVERNMENT POLICIES
INDUSTRY
INTERNATIONAL COOPERATION
IRAN
MIDDLE EAST
NORTH AMERICA
PETROLEUM INDUSTRY
USA