Greek refiner ELPE signs deal with Iran’s NIOC for crude oil deliveries

Greek refiner Hellenic Petroleum (ELPE) and Iran’s national oil company NIOC reached a long-term agreement for the immediate start of crude oil deliveries to Greece, the company announced on Friday.

ELPE will purchase 25 pct of their needs from NIOC and settle an estimated 550-650 million euros in debt repayable over four years. The debt resulted from the sanctions imposed on Iran in 2011. This is the first deal made by Iran following the lifting of the international embargo.

“The management of Hellenic Petroleum is pleased about this agreement, which is to the benefit of both sides and, as it is noted, was achieved after repeated meetings in Athens and Tehran,” the company said.