Sunday, March 18th | 2 Nisan 5778


Be in the know!

Get our exclusive daily news briefing.

May 20, 2015 3:32 pm

Swiss Court Orders Israel to Pay Iran $1.1 Billion Over Pre-Revolution Oil Deal

avatar by

Email a copy of "Swiss Court Orders Israel to Pay Iran $1.1 Billion Over Pre-Revolution Oil Deal" to a friend

The 1968 deal involved the shipping and sale of Iranian oil via the Red Sea port at Eilat. – A court in Switzerland has reportedly ruled that Israel must pay Iran $1.1 billion for failing to meet compensation on an oil deal signed between the two countries before the 1979 Iranian revolution.

The 1968 deal, conducted at a time of friendly relations between the two countries and when Iran held shares in the Eilat-Ashkelon Pipeline Co., involved the shipping and sale of Iranian oil via the Red Sea port at Eilat.

Through this port, the Iranian Oil Company delivered 14.75 million cubic meters of crude oil to Israel’s Trans-Asiatic Oil Ltd. That amount of oil was worth $450 million, according to the Islamic Republic News Agency.

But after the Islamic Revolution in Iran in 1979, the Iranian government no longer recognized Israel and all the oil contracts with the Jewish state were frozen.

Iran proceeded to sue Israel in France and Switzerland, and the current oil deal ruling is not the first one in Iran’s favor. In 1989, another Swiss court ruled that Israel’s Trans-Asiatic Oil Ltd. should pay $500 million to Fimarco Anstalt, a sub-contractor of the Iranian Oil Company.

Share this Story: Share On Facebook Share On Twitter Email This Article

Let your voice be heard!

Join the Algemeiner
  • sulver

    This is hasbara – when FIFA leaders arrested just now(though coruption have been known for years), and maybe prevent vote on Israel band caused to harasment of Palestinian foodball team, Israeli is silent.

  • Of course! It’s the Jews fault that the Islamic Republic of Iran boycotts Israel!

  • dante

    I have no idea of the merits of the case. it could be that the swiss court is correct. it could be. it’s a possibility. but, it’s not likely.

    the swiss exalt nothing so much as their self-interest. it’s not that they don’t blab a lot about higher principles but those are just the decorations for the advancement of swiss commercial or other interests.

    and, it is important to be aware that the swiss are eager supporters of virtually any anti-Israel movement, however vile and jihadist.

    when the swiss start blabbing about humanitarian causes or issues, one expects only one change in swiss conduct: the swiss are going to attempt to subvert the Jews and/or Israel. collaborate with the nazis? no problem. disguise the collaboration? no problem. lie about the collaboration? no problem. profit from the collaboration? no problem. deny entry to Jewish refugees? no problem. provide cover for the nazi genocide? no problem. destroy bank & insurance records of Holocaust victims? no problem. conceal & dispose of stolen art and other property? no problem. support hamas? no problem? support every contemptible ngo that works against Israel? no problem. no problem at all for the swiss.