POST Online Media Lite Edition


Iran makes first sale of oil after removal of sanctions

Staff writer |
Greece's largest refinery Hellenic Petroleum has signed a deal to buy oil from the National Iranian Oil, marking the first sale of Iranian crude since sanctions were lifted against Tehran.

Article continues below

The company said they agreed a long-term deal, with deliveries to start immediately. The agreement came after Greek and Iranian officials met in Athens on Friday to discuss energy, The Wall Street Journal reported.

After the meeting Iranian Deputy Petroleum Minister Amir-Hossein Zamaninia and Greek Energy Minister Panos Skourletis said the sides discussed a set of issues, including oil supplies, natural gas and renewable energy.

According to analysts, Hellenic Petroleum is estimated to owe Iran around $541 million to $650 million for crude it bought before sanctions were imposed in 2011. And the sum is yet to be repaid.

The agreement also allows for the settlement of this debt, the Greek company said.

What to read next

New investment framework for petrochemical projects in Iran
Billions of dollars in oil deals shield Iran from sanctions
Iran sends first container ship with petrochem products to Europe