The National Iranian Oil Company (NIOC) and Royal Dutch Shell have agreed that the Anglo-Dutch company will clear off its debt of $2.3b, outstanding since 2011, once the international sanctions are completely removed, reported Press TV. No further details were provided.

Iran had made deliveries of crude to Shell in 2011 and 2012, but the international sanctions have prevented the company from repaying the money it owed for the crude supplies. NIOC’s International Affairs Chief, Mohsen Qamsari, said that “The resumption of Iranian crude oil sales to the company is conditional to the clearance of the past debts.”

According to Mehr News Agency, NIOC Managing Director, Roknodin Javadi has pointed out that Tehran has also reached agreements with the UK and France to resume oil sales to the two countries as soon as the sanctions are lifted.