Iran paid Chevron $115 million to settle claims.

The oil company received the money as settlement of claims filed against Iran after the 1979 revolution, Chevron said. The company said the payment is believed to be the first to a major American member of the Iranian Consortium, which was formed in 1954, three years after the oil industry in Iran was nationalized. Consortium members included 14 Western oil companies. Iran Chevron Oil and a similar subsidiary of Gulf Oil each held a 7% share. Chevron and Gulf merged last year. The settlement--$57.5 million for the assets of each company--was accepted by the Iran-United States Claims Tribunal.

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