Business Ties with Iran “Normal”: Vitol CEO

TEHRAN (Tasnim) – The Chief Executive Officer (CEO) of the world’s largest independent oil trader, Vitol Group BV, described the company's business with Iran following the removal of anti-Tehran sanctions as “normal”.

Business Ties with Iran “Normal”: Vitol CEO

“We’ve bought some, yes we have. We’ve bought a bit of everything really. Bit of products, bit of condensate. It’s very much business as normal,” Ian Taylor told Bloomberg on Sunday.

He further referred to the issue of Iran’s return to the global market and said, “It was clear that it was coming. We obviously talked to them about what would happen once it did come. So people were relatively ready.”

According to reports, several other European refiners have chartered tankers this month that will deliver about 136,000 barrels a day of Iranian crude to the region.

Earlier, Iran’s Oil Minister Bijan Namdar Zanganeh said the country has finalized a deal with France’s Total to restart selling crude in "the next few days" and will also sign another one with Italy’s Eni.

The new contracts that follow the implementation of a final nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) will raise the daily amount of Iran’s oil exports to more than 300,000 bpd, the minister added.

The lasting nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), came into force on January 16 and terminated all nuclear-related sanctions against Iran.

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