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Page added on January 24, 2016
Iran Makes First Post-Sanctions Sale of Oil to Europe
Greece’s largest refinery Hellenic Petroleum has agreed to buy oil from the National Iranian Oil Co., marking the first sale of Iranian crude to a European country since the lifting of trade sanctions against the Middle Eastern nation.
Hellenic Petroleum said late Friday that the two sides have “reached a long-term agreement,” with deliveries to start immediately.
The deal comes after Greek and Iranian officials met in Athens on Friday to discuss energy issues. After the meeting with Iran’s deputy petroleum minister Amir-Hossein Zamaninia, Greek Energy Minister Panos Skourletis said the two sides discussed a series of issues including oil supplies, natural gas and renewable energy.
Hellenic Petroleum is estimated to owe Iran around €500 million to €600 million ($541 million-$650 million), analysts say, for oil it bought before sanctions were imposed in 2011, but hasn’t repaid because of the embargo.
The agreement also allows for the settlement of this amount, Hellenic Petroleum added.
5 Comments on "Iran Makes First Post-Sanctions Sale of Oil to Europe"
Brian Richards on Sun, 24th Jan 2016 3:51 pm
One has to wonder where Greece is getting the money to pay for the oil, no? This is a nice little news article for Iran, but it’s not dissimilar to a drug dealer fronting crack or cocaine to a customer, with the resulting default after consumption.
JuanP on Mon, 25th Jan 2016 6:42 am
Iran to buy Airbus planes, but nothing from Boeing. https://www.rt.com/business/329965-airbus-boeing-deal-iran/
makati1 on Mon, 25th Jan 2016 8:21 am
Iran will be buying from China, Russia and a few European countries. Not the US.
Davy on Mon, 25th Jan 2016 9:00 am
Iran will buy from whoever it makes sense to buy from. They are not stupid. On the surface they may boycott the US. In the murky world of international business everything goes. Google who has the most ethnic Iranian population outside Iran. That will tell you who is also going to be working on business deals.
joe on Mon, 25th Jan 2016 9:19 am
Opec is squeeling now, ‘doh the pain of it all!’. They need another year to defeat tight oil, then they will cut, but Iran will be the back up plan. Thank God the Saudis are too stupid to make peace with Iran. Iran + tight oil + efficiency will keep a lid on prices.