One of the world's largest oil traders, Vitol Group SA, is in talks with Iran to resume buying its oil when sanctions are lifted, people familiar with the matter said Thursday.
One of the world's largest oil traders, Vitol Group SA, is in talks with
Iran
to
resume buying its oil when sanctions are lifted, people familiar with the
matter said Thursday.
The discussions underscore how
Tehran
is
trying to lure back European oil buyers in addition to seeking the return of
Western majors to develop his fields.
The contacts include a planned meeting between the company's head Ian Taylor
and
Iran
's Oil
Minister Bijan Zanganeh in
Vienna
Thursday, the people said.
Vitol has already discussed condensates and crude sales once sanctions are
lifted and also possibly crude swaps, one person said.
Vitol is headquartered in
Switzerland
and
therefore not formally subject to a European Union ban on buying Iranian oil. But
the company, which has large operations in the
U.K.
and
the
U.S.
, said
last year last it stopped buying from
Tehran
to
comply with EU sanctions.
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