Oil loan accepted by Iran

Iran

TEHRAN, January 4, 2017 – National Iranian Oil Company has made a deal with oil trader Vitol for a loan of USD 1 billion, sources told Reuters on Wednesday.

The pre-financing is expected to be paid back through future exports of refined products.

The move marks the first contract struck between a trading house and Iran after sanctions were lifted in 2016. Although it underlines a slow easing of export agreements between previously-restricted countries, major foreign oil and gas companies have been slow at bringing business back to the nation.

Additionally, America’s president-elect has been quite vocal about re-evaluating the nuclear deal between the two nations, causing many firms to hold back on financing deals with Iran.