The National Iranian Oil Company (NIOC) and Royal Dutch Shell have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3 billion outstanding since 2012, a NIOC official says.

The two sides agreed on a mechanism after several rounds of negotiations, paving the way for resumption of oil purchases from Iran by Shell, head of NIOC’s international affairs Mohsen Qamsari said.

“The payment of the outstanding debt by this British company immediately after the annulment of sanctions has been finalized,” Qamsari said in remarks quoted by the Mehr news agency on Monday.

“The resumption of Iranian crude oil sales to the company is conditional to the clearance of the past debts,” he added.

By Press TV