Iran to pay $ 18 billion fine to UAE

Baku. 19 May. REPORT.AZ/ The International Court of Hague has ruled that Iran will pay a fine of $ 18 billion to the United Arab Emirates.

Report informs citing the Timeturk, a deputy from Najafabad city of Iran, Abulfazl Abu Turabi, said in an interview to “Sharg” newspaper published in the country.

A representative from Ministry of Petroleum of Iran, who rejected to give his name, said that during the presidency of Mahmoud Ahmadinejad official Tehran broke the agreement signed with the United Arab Emirates’ oil and gas company Crescent Petroleum.

The agreement between the National Iranian Oil Company and the Crescent Petroleum was signed in 2001. The company has sued Iran for failing to comply with the terms of the contract.