According to the IRNA news agency, on 19 May 2015, an Israeli oil company has been ordered by a Swiss court to pay $1.1 billion to Iran in compensation in a long-standing legal battle related to a joint venture agreed between two states before the 1979 Islamic revolution in Iran.

The case relates to a joint venture established in 1968 to ship the country’s oil to the Israeli port of Eilat in the Mediterranean for export to Europe. Iran and Israel established companies in Liechtenstein, Panama and Canada to implement the project. However, Israel took control of the pipeline and the joint venture companies in the wake of the 1979 Islamic revolution.

Iran has been conducting three arbitration suits against Israel at French and Swiss courts in a legal tussle estimated worth several billion dollars. The Swiss court ordered the Israeli oil company to pay $1.1 billion to Iran.