Tag Archives | Vitol

Iran Seeking to Save Major Oil Deal with Vitol

The National Iranian Oil Company (NIOC) is in talks to salvage a $1 billion oil deal with Swiss trader Vitol Group as companies sever ties with the Islamic Republic ahead of US sanctions. Iran is fighting to keep one of its most profitable oil deals, according to people familiar with the matter, the Wall Street […]

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 […]

Vitol Already Buying from Iran

By John Lee. Vitol, the world’s largest independent oil trader, has confirmed it has already bought oil from Iran. Describing it as “very much business as normal,” Chief Executive Officer Ian Taylor told Bloomberg that the company had bought “a bit of everything — a bit of products, bit of condensate.” (Source: Bloomberg)