Europe’s trading giants Guvnor and Vitol shipped their first gasoline to Iran vying for Iranian market share to gain a foothold in the Iranian oil supply, reported Oil Price.

As Platts previously wrote, Vitol delivered its first supply in March, while Guvnor sent its first shipment in February. According to shipping sources, both Switzerland-based companies loaded 35,000m tons of gasoline in medium range tankers from the UAE port of Fujairah and discharged at Bandar Abbas in Iran.

According to Platts, Vitol paid around $260,000 for the Italian-flagged medium range tanker, Alessandra Bottiglieri, whereas, Gunvor’s shipping arm Clearlake paid around $290,000 for the Maersk Messina.

Iran exports condensates and imports gasoline, but even after lifting of sanctions, the US corporations are still banned from conducting business with Iran. Firms are skeptical about doing business with Iran due to insurance- and banking-related issues, thereby limiting Iran’s ability to reach its targeted output, Oil Price explained.