Citing an informed source at Irans Presidential Center for Legal Affairs, IRNA said the ruling relates to the Israeli companys sale of Iranian oil and withholding the money.
Iran has been conducting three arbitration suits against Israel atFrench and Swiss courts in a legal tussle estimated worth several billion dollars.
The case relates to a joint venture established in 1968 under the defunct shah of Iran to ship the countrys oil to the Israeli port of Eilat in the Mediterranean for export to Europe.
Iran cancelled the contract after the Islamic Revolution of 1979 because the country doesnt recognize Israel.
Tel Aviv, instead, expropriated Irans assets and launched its own litigation offensive against the Islamic Republic, which hasbeen dismissed atinternational courts.
According to IRNA, the latest ruling pertains to a case related to the National Iranian Oil Company (NIOC)s delivery of 14.75 million cubic meters of crude oil worth $450 million to Israels Trans-Asiatic Oil Ltd. or TAO.
In 1989, the Swiss court initially ordered TAO to pay $500 million to Fimarco Anstalt, a company registered before the revolution in Lichtenstein by NIOC.
The court put off proceedings for interest claims then, issuing a final ruling only this month, which ordered TAO to pay $1.1 billion in addition to $7 million in legal fees, IRNA quoted the source as saying.
The source said Iran has also launched a case against TAO in Panamas courts for implementation of the ruling and original claims against the Israeli firm.
Switzerland's Federal Supreme Court has reportedly allowed Iranian clients to file an arbitration claim for $7 billion against Israel.
The original claim is related to Irans shares in the Eilat-Ashkelon Pipeline Co. (EAPC), as well as two oil ports and storage facilities, and a fleet of tankers which have been expropriated by Israel.
[caption id="" align="alignnone" width="555"]
Environmental workers inspect damage after an EAPC oil spill of thousands of cubic meters close to Beer Oral, just north of Eilat.[/caption]The Tel Aviv regime has issued a secrecy order under which any information about the companys operations and news of arbitration is subject to military censorship.
The EAPC, part of TAO, is one of the most secretive companies in Israel, operating under a special legal force since 1968.
The company enjoysimmunity from public control andregime supervision including its comptroller as well as the Knesset and the media.
The Eilat-Ashkelon Pipeline Co. was built in the aftermath of the Sinai operation of1956 against Arab armies.
During the months that Israel controlled Sinai, Israel stolepumps and pipes from an Italian and Belgian firms operating oil fields in the peninsula and built the pipeline from Eilat.
By Press TV
