Natural Gas Daily Europe Policy & Regulation
UK puts an end to Rhum gas field saga – BEIS18 April 2017
The UK government has transferred funds to Iranian Oil Co. UK (IOC) for its share of gas that was produced from the Rhum field in the North Sea while international sanctions were in place on Iran.
The sanctions were lifted in January 2016, which put an end to the Temporary Management Scheme (TMS) for Rhum two months later, but funds were not immediately transferred and some in Tehran did not expect the UK to do so.
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