Sanctions against Iran not to be lifted till 2016 - Vitol Group CEO

ASTANA. KAZINFORM Chairman of the Board of VITOL GROUP Yan Taylor does not think that sanctions against Iran will be fully lifted by 2016. He said it answering journalists' questions at a press conference on the sidelines of KAZENERGY-2015 Eurasian Forum today in Astana.

"It is clear that it will be a long-lasting process. The whole oil extraction industry should wait for lifting the sanctions. I mean UN procedures, banking sanctions, which should be removed to let us perform money transactions. It is hard to predict when the process will be completed. We do not expect that the sanctions will be fully removed by the end of the Q1 2016. I understand that Iranians are more optimistic over this issue, however nothing will change till March or April," he noted. Vitol Group is a Swiss-Dutch company specializing in trade in oil and oil products. Founded in 1966 Vitol Group has turned into the second largest oil trader in the world after Glencore.