ARCO AND SUN AGREE TO SETTLE IRANIAN CLAIMS

08/24/1992
ARCO and Sun Co. Inc. have agreed to separate settlements totaling almost $261 million that resolve their claims over oil field assets expropriated by Iran in 1978-80. The agreements are subject to approval by the Iran-U.S. claims tribunal at The Hague. The tribunal was set up in 1981 to resolve foreign claims to assets nationalized by the government of Ayatollah Khomeini following the fall of the Shah of Iran as a result of the 1978-79 Iranian revolution. The settlements are seen as the latest steps Iran has taken to normalize relations with the U.S., notably through petroleum related deals. Last year Iran's Nation...
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