Azernews.Az

The Vitol group which has been reported to be involved in Iranian oil trade, has said that the company ceased all sales of refined product ahead of sanctions imposed by the European Union, company's website said.

Reuters reported that Vitol, the world's largest oil trader, is buying and selling Iranian fuel oil, undermining Western efforts to choke the flow of petrodollars to Tehran and put pressure on country's suspected nuclear program.

According to Reuters, last month Vitol bought 2 million barrels of fuel oil, used for power generation, from Iran and offered it to Chinese traders.

Vitol's website says that a "Bahraini subsidiary company purchased a spot cargo of fuel oil from a non Iranian counterparty in July 2012. The fuel oil delivered under contract was of Iranian origin."

The website said that "Vitol Group companies no longer purchase any product of Iranian origin. Trade with Iran never constituted a material part of Vitol's international business."

The website notes that the Vitol Group is in compliance with all applicable international laws and regulations governing trade with Iran.

Vitol acquired the Iranian fuel oil early this month in a ship-to-ship transfer off Malaysia from a National Iranian Tanker Company (NITC) vessel, the Leadership, onto a Vitol-chartered tanker, the Ticen Ocean.