Iran’s state-run oil company is in talks to salvage a $1 billion oil deal with Swiss trader Vitol Group as companies sever ties with the Islamic Republic ahead of U.S. sanctions. The Islamic Republic is fighting to keep one of its most profitable oil deals, according to people familiar with the matter. The fuel trading arm of National Iranian Oil Co. held discussions to extend or renew a deal in which Vitol is pre-financing the equivalent of $1 billion in exchange for future oil deliveries. The deal between Iran and one of...

Source: Wall Street Journal August 31, 2018 15:56 UTC