Greek refinery buys Iran's first new crude oil export

An old relationship and an old debt are part of the common history shared between Greek refinery Hellenic Petroleum and Iran's National Iranian Oil Company, which will now resume the collaboration that was discontinued by the sanctions.

Photo: Vahid Salemi/AP/POLFOTO

The largest refinery in Greece, Hellenic Petroleum, has now signed off on a deal with National Iranian Oil Company and thus becomes the first European refinery to resume trade with Iran after some of the sanctions have been lifted, writes Reuters.

The agreement between the two companies entails that trade will be begin again right away, and that the debt which Hellenic Petroleum had to National Iranian Oil Company (NIOC) will be paid at the same time. Sanctions were implemented at a time when Hellenic Petroleum, according to Reuters, owed NIOC upwards of USD 600 million, which suddenly could not be paid through the trade barriers placed by the EU and the US.

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