Vitol Group, the world’s biggest independent oil trader, secured a €1bn ($1.04bn) deal with Iran to provide financing in exchange for future supplies of refined products by the state oil company, according to a person familiar with the matter.
The agreement by Rotterdam-based Vitol to lend money to the National Iranian Oil Co that will be repaid with fuel oil and other products was signed late last year, said the person, who asked not to be identified because the deal is private.
A spokeswoman for Vitol declined to comment. NIOC didn’t immediately respond to calls.
It’s the first significant pre-finance deal between an oil trader and Iran since it struck an historic accord with world powers in 2015 to curb its nuclear program in exchange for the lifting of sanctions. 
Vitol was one of the first oil-trading houses to start buying Iranian crude and refined products after the sanctions were eased in January. Ian Taylor, Vitol’s chief executive officer, told Bloomberg in February that it was “business as usual,” with Tehran after the nuclear deal.
In August, Bloomberg News reported Iran was said to be in talks to sell more crude to Trafigura Group to help it break into the market to supply China’s independent refineries.
Iran boosted oil production last year by 870,000 bpd to 3.67mn by November, according to data compiled by Bloomberg. Since sanctions eased last January, the country has doubled exports as crude prices rallied.