IOC still waiting for share of Rhum profit

Iranian Oil Co. UK (IOC) is yet to receive payments for gas produced from its Rhum field in the North Sea, despite the fact that EU sanctions against Iran were lifted more than nine months ago.

Sanctions prevented IOC from accessing the account into which the company’s share of the proceeds were deposited from October 2014 onwards. But despite the lifting of EU sanctions in January, the account remains frozen.