Iran, Switzerland reach new oil deal

News ID: 3568192 -
TEHRAN, Feb. 28 (MNA) – National Iranian Oil Company (NIOC) has reached an agreement with three Swiss oil firms on swap of oil with petrol.

In time with the visit of Swiss President Johann Schneider-Amman to Tehran, NIOC has made a more comprehensive deal with a number of the European country’s oil companies like Glencore, Vitol and Trafigura on exchange of crude oil or gas oil with petrol.

Iran has imported more than eight million liters of petrol since the beginning of the current Iranian calendar year (Began March 21, 2015) indicating an unprecedented growth over the pas≥t seven years.

The officials at the National Iranian Oil Refining and Distribution Company (NIORDC) have also confirmed the import of 8 to 8.5 million liters of petrol in the current year commenting that all imported petrol complies with Euro-4 standard.

On the other hand, with the removal of sanctions and resumption of Iran’s oil trade with European companies like Russia’s Lukoil and France’s Vito, recently the Vitol of Switzerland, as the world’s largest independent oil trade company, has restarted oil dealings with Iran buying several shipments of Iranian crude.

What distinguishes the deals with Swiss companies like Vitol and Glencore from other European country is the exchange of crude, gas oil and even fuel oil with petrol as several shipments of Swiss petrol have been evacuated in Iranian terminals during the past few weeks.

Reuters News Agency has also reported on the deployment of a 35-thousand-ton petrol cargo to Iran by Switzerland.

Switzerland’s Vitol Company remains as one of the world’s largest traders of oil and petrol and it had been one of the buyers of Iranian crude oil before the imposition of international sanctions.

The three Swiss companies of Glencore, Vitol and Trafigura were the largest petrol exporters to Iran before sanctions providing 35 per cent of Iran’s petrol demand while the process was halted due to pressures form the European Union (EU).

 

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