NO. 39



US Court Rules Against NIOC In Oil Payment Dispute

A US District Court in Delaware ruled on 21 June that the US refining companyMAPCO does not have to pay the National Iranian Oil Company (NIOC) $10.1mn forcrude oil shipped in 1979 on the grounds that the statute of limitations has runout on NIOC's claim. NIOC sold MAPCO 369,000 barrels of crude oil from its KhargIsland terminal in 1979 and MAPCO arranged payment with a 60-day letter ofcredit. In the interim...