LONDON: The world’s largest oil trader, Vitol, has clinched a deal with the National Iranian Oil Co (NIOC) to loan it an equivalent of US$1bil 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.
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