Greece to be the first EU country to buy crude oil from Iran since trade sanctions lifted

Hellenic Petroleum, Greece’s largest refinery, has struck a deal to buy oil from the National Iranian Oil Company in the first sale of Iranian crude oil to a European country since trade sanctions were lifted. The long-term agreement announced on Friday said that deliveries are to begin immediately.

Greek Energy Minister Panos Sourletis and Iranian Deputy Petroleum Minister Amir-Hossein Zamaninia met on Friday to discuss energy issues that include oil supplies, natural gas and renewable energy.

The agreement also allows for the settlement of an amount estimated to be around 500-600 mln euros for oil bought before 2o11 sanctions were imposed but remained unpaid following the embargo.