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| Amir Hossein Zamaninia, Iran (left) & Panos Skourletis, Greece (right) |
01.22.2016 - The agreement was announced after Iran’s Deputy Oil Minister Amir Hossein Zamaninia had discussed potential energy co-operation with Greek Energy Minister Panos Skourletis earlier on Friday.
Iran signed an agreement to supply crude oil with Greece-based refiner Hellenic Petroleum, reports said on Friday.
The deal would be Iran’s first such deal with a European company since the removal of international sanctions this month.
Deliveries will begin immediately, Hellenic Petroleum said in an e-mailed statement on Friday. The agreement also includes an adjustment for a financial backlog owed to Iran’s state oil company after sanctions imposed four years ago.
The agreement was announced after Iran’s Deputy Oil Minister Amir Hossein Zamaninia had discussed potential energy co-operation with Greek Energy Minister Panos Skourletis earlier on Friday.
Iran has said it will boost oil exports by 500,000 bpd right away.
Europe had been Iran’s second-biggest oil customer before sanctions were introduced, according to the US Energy Information Administration. Among European countries, Greece was one of the biggest importers, according to International Energy Agency (IEA) data.
Flows of Iranian crude to Europe may displace similar grades sold by Russia and Iraq, which may in turn be diverted to the US, Citigroup predicts.
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