(MENAFN) Swiss oil trader giant Vitol is buying and selling Iranian fuel oil, defying the Western sanctions which aim to force Iran to stop its nuclear programme, Reuters reported.
In August, the world's top oil trader purchased two million barrels of fuel oil, used for power generation, from Iran and offered it to Chinese traders, Reuters cited sources in Southeast Asia, China and the Middle East.
Vitol is not compelled to follow a ban imposed in July by the European Union on trading oil with Iran as Switzerland decided not to match EU and US sanctions against Tehran.
The company has stopped trading Iranian crude oil from its main European offices before the July 1 EU embargo deadline. But it was said that it has carried on dealing in Iranian fuel oil from the Middle East.
The reports of the cargo of Iranian fuel oil involves tanker tracking systems being switched off, two ship-to-ship transfers, and blending of the oil with fuel from another source to alter the cargo's physical specification.
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