National Iranian Oil Company (NIOC) is planning enter into an agreement with the Swiss Vitol energy and commodities company on the sale of oil and gas condensate, a report said.

NIOC is likely to sell oil at a discount rate within two years, while Vitol will issue a credit on easy terms, added the Iran Daily report, citing Fars News Agency, and noting that the state-run firm recently signed an agreement with Vitol on fuel purchases.

Vitol has also expressed interest in oil swaps with Caspian Sea littoral states by means of the Neka Oil Terminal located in Iran, the report said.