National Iranian Oil Company (NIOC) and Greek’s largest refinery, Hellenic Petroleum (ELPE) have reached a long-term agreement to immediately start the shipment of Iranian oil to Greece, marking the first sale of Islamic Republic’s crude to Europe, following the lifting of sanctions, The Wall Street Journal reported.
ELPE will purchase 25% of its crude needs from Iran. Greece will also settle its debt to Tehran, which has amounted to between $541 to $650, according to recent estimates, and remained unpaid due to international embargo, Greek Reporter wrote. The debt is repayable over four years.
Greek Energy Minister, Panos Skourletis, said after talks with Iranian representatives that Tehran and Athens had also discussed a series of other issues related to oil supplies, natural gas, and renewable energy.