UK puts an end to Rhum gas field saga – BEIS

Iranian Oil Company has received funds related to its share of the output from the Rhum gas field in the North Sea earned while Iran was under international sanctions Iranian Oil Company has received funds related to its share of the output from the Rhum gas field in the North Sea earned while Iran was under international sanctions.
By Verity Ratcliffe 18 April 2017 0 25504
BP operations in the North Sea. The company has a 50% stake in the Rhum field. (BP)

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.

“I can confirm that that the TMS concluded on 16 March...

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