(AFP) – Mar 8, 2010
LONDON — The largest oil trader in the world, Vitol, said Monday it had stopped dealing with Iran, following a report that traders were pulling out of the country as sanctions and US pressure took their toll.
The Financial Times said Vitol and its fellow trading giants Glencore and Trafigura had stopped supplying petrol to Iran.
A spokesman for Vitol told AFP: "I can confirm that our position is as covered in the Financial Times today."
One unnamed executive familiar with Iran's trade told the newspaper that Vitol had "consciously decided not to participate in Iran's tenders".
Another industry executive told the paper Switzerland-based Trafigura stopped selling to Iran about three months ago because "they have concluded that there's too much political and financial risk".
Glencore distanced itself from Iran late last year.
Although Iran is one of the world's largest oil producers, it is forced to import petrol because its refineries are dilapidated and it suffers from intense demand because of generous subsidies.
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