News ID: 137506
Published: 0321 GMT February 28, 2016

Tehran, Bern reach new oil deal

Tehran, Bern reach new oil deal

National Iranian Oil Company (NIOC) reached an agreement with three Swiss oil firms on swap of oil with gasoline.

Coinciding with Swiss President Johann Schneider-Amman's visit to Tehran, NIOC has made a more comprehensive deal with a number of oil companies from the European country such as Glencore, Vitol and Trafigura on exchange of crude oil or gas oil with petrol, Mehr News Agency reported.

Iran has imported more than eight million liters of gasoline since mid-March, 2015 indicating an unprecedented growth over the past 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 gasoline in the current year commenting that all imported gasoline complies with Euro-4 standard.

On the other hand, with the removal of sanctions and resumption of Iran's oil trade with European companies including 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, diesel and even fuel oil with gasoline as several shipments of Swiss gasoline have been cleared in Iranian terminals during the past few weeks.

Reuters has also reported on the deployment of a 35,000-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 meeting 35 percent of Iran's gasoline demand while the process was halted due to pressures from the European Union.

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