Sunday, 05 December 2021 11:55 GMT

Switzerland works hard to start solid oil trade with Iran


(MENAFN) Switzerland has been witnessing the increasing rush to seize opportunities and vital investment schemes from many top countries and emerging in oil/gas rich Iran.

In accordance, the National Iranian Oil Company (NIOC) and three Swiss companies, Glencore, Vitol Group and Trafigura have agreed on a contract to swap oil and gas with gasoline.

Moreover, Glencore was also one of the major firms that exported gasoline to Iran before it detached trade relations in the beginning of 2010 on the back of sanctions on the Islamic Republic.

Meanwhile, Iran's main energy consumption hit 4.428 million barrels of oil equivalent per day in the last fiscal year, with the latest reports showing a 4.7pct rise in the nation's energy intake y-o-y.


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