Netherlands-based Vitol Group, a global oil trader, has won a $1.04 billion deal with Iran to provide financing in exchange for future supplies of refined products, a report said.

Vitol to lend money to the National Iranian Oil Co(NIOC) that will be repaid with fuel oil and other products was signed late last year, a Gulf Times report quoted a source as saying.

It’s the first significant pre-finance deal between an oil trader and Iran since the lifting of sanctions on the Islamic Republic, the report said.