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SUN COMPANY TO RECEIVE $130 MILLION FROM SETTLEMENT WITH IRAN

 SUN COMPANY TO RECEIVE $130 MILLION FROM SETTLEMENT WITH IRAN
 PHILADELPHIA, Aug. 18 /PRNewswire/ -- Sun Company, Inc. (NYSE: SUN) today announced that a settlement agreement was executed on Aug. 14, 1992, settling all disputes with the Government of Iran and the National Iranian Oil Company arising out of the expropriation of oil production interests in Iran after the Iranian revolution.
 The settlement, which is subject to the approval of the Iran-U.S. Claims Tribunal, requires Iran to make a net payment of $130,450,000 out of the Security Account established pursuant to the 1981 Algiers Accords. It resolves claims and counterclaims raised by Sun in proceedings before the Iran-U.S. Claims Tribunal on behalf of Sun International Limited and Iranian Sun Oil Company, both subsidiaries of Sun Company.
 Sun Company Senior Vice President Robert H. Writz Jr., said the payment will be made in the fourth quarter and will have a positive net after-tax impact on income of approximately $115 million. "The Agreement brings an end to a longstanding dispute and represents a fair settlement, acceptable to all parties," said Writz. "The settlement affirms Sun's belief that international exploration agreements can be enforced and that compensation can be obtained when their terms are disputed."
 Sun Company, headquartered in Philadelphia, is an energy company with interests in U.S. and Canadian petroleum refining and marketing, U.S. coal and coke production, synthetic crude oil production in Canada, and crude oil and natural gas exploration and production outside the United States. Branded marketing is carried out under the Sunoco brand in the United States and Canada and also under the Atlantic brand in the United States. Sun Company trades on the New York Stock Exchange and other stock exchanges with the symbol "SUN."
 /delval/
 -0- 8/18/92
 /CONTACT: Bud Davis for Media, 215-977-3485, or Marci Bednarek for Investors, 215-246-887, both of Sun Company/
 (SUN) CO: Sun Company Incorporated; National Iranian Oil Company ST: Pennsylvania IN: OIL SU:


MJ-CC -- PH002 -- 0799 08/18/92 08:14 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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