One of the world's largest oil traders, Vitol Group SA, is in talks with Iran to resume buying its oil when sanctions are lifted, people familiar with the matter said Thursday.

The discussions underscore how Tehran is trying to lure back European oil buyers in addition to seeking the return of Western majors to develop his fields.

The contacts include a planned meeting between the company's head Ian Taylor and Iran 's Oil Minister Bijan Zanganeh in Vienna Thursday, the people said.

Vitol has already discussed condensates and crude sales once sanctions are lifted and also possibly crude swaps, one person said.

Vitol is headquartered in Switzerland and therefore not formally subject to a European Union ban on buying Iranian oil. But the company, which has large operations in the U.K. and the U.S. , said last year last it stopped buying from Tehran to comply with EU sanctions.
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