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Wednesday, 4 January 2017

Vitol clinches $1 billion pre-finance oil deal with Iran: sources | Reuters

Vitol clinches $1 billion pre-finance oil deal with Iran: sources | Reuters:
"The world's largest oil trader, Vitol, has clinched a deal with the National Iranian Oil Co. (NIOC) to loan it an equivalent of $1 billion in euros guaranteed by future exports of refined products, four sources familiar with the matter said.

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

It highlights the speed of the oil industry recovery in Iran just a year after lifting of sanctions, which is allowing Tehran to claw back oil market share from arch-rival Saudi Arabia."

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