By Fatih Erel
GENEVA (AA) – The Swiss Federal Court on Thursday ordered Israel to pay Iran $1.1 billion plus interest in a dispute over a joint oil pipeline company.
According to Swiss media, Switzerland's highest court in Lausanne decided on the case centered on the Eilat-Ashkelon Pipeline Co. (EAPC), an Israel-Iran joint venture set up in 1968.
The two nations had a close relationship in transporting Iranian oil to the Mediterranean until the 1979 Iranian Revolution.
Since the revolution, Iran has demanded its share of revenues in EAPC which remained in Israel.
According to the court decision, Israel will pay Iran $1.1 billion plus interest and 450,000 Swiss francs ($460,000) for court costs and legal fees.
AA