Reuters - International trading house Vitol will resume Caspian oil swaps with Iran after a year-long suspension of operations, industry and trade sources said on Thursday.
"Vitol is resuming Iranian swaps. I think there there's really good money in it," a Mediterranean trader told Reuters.
Vitol has already signed a swap agreement with National Iranian Oil Company (NIOC) but the swap operations, under which Vitol supplies Iran with Caspian oil in exchange for Iranian crude volumes for loading on the Persian Gulf, will most likely start up again toward the end of the year, another source close to the deal said.
