Iran Makes First Post-Sanctions Sale of Oil to Europe

on January 24, 2022 | 11:12:18

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.

Wall Street Journal

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