Vitol in $1bn Pre-Finance Oil Deal with Iran

By John Lee.

The world’s largest oil trader will lend the National Iranian Oil Company (NIOC) the equivalent of $1 billion in euros guaranteed by future exports of refined products.

Sources told Reuters that the deal with privately-held Vitol was signed in October and will come into effect this month, and has an interest rate of around 8 percent.

The pre-finance deal is the first such major contract signed between Iran and a trading house since sanctions were lifted in early 2016.

(Source: Reuters)

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