• 3 hours UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 7 hours LNG Glut To Continue Into 2020s, IEA Says
  • 9 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 12 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 14 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 15 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 4 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 5 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 5 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 6 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 7 days VW Fails To Secure Critical Commodity For EVs
  • 7 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%

Greece to Repay Oil Debt To Iran In Two Years

Oil tanker

Greece will repay all its oil debts to Iran under a two-year instalment plan, Iran’s Mehr News Agency reported on Friday, quoting deputy oil minister for international affairs, Amir Hossein Zamaninia, as saying.

Zamaninia has previously said that Greek refiner Hellenic Petroleum owed Iran around US$979 million (900 million euro), the Iranian news agency says.

Iran is currently shipping on average 60,000 barrels per day to Greece, according to the deputy oil minister.

It was Greece, with Hellenic Petroleum, that was the first EU country to return to buying Iran’s oil right after the international sanctions against Iran were lifted in January of this year. At that time, Greece’s biggest oil refiner said that it had reached a long-term agreement with the National Iranian Oil Company (NIOC) that includes the immediate start of crude oil deliveries, and settlement of financial liabilities, which originated from the international sanctions imposed on Iran.

Before the sanctions, Hellenic Petroleum was one of Iran’s significant buyers of crude and imported around 20 percent of its oil needs from the Islamic Republic. Hellenic Petroleum owns three of Greece’s four oil refineries.

At the time the agreement with NIOC was announced, Hellenic Petroleum was thought to owe Iran some US$550-600 million for oil it had imported, which it was unable to pay under the international embargo.

Since the international sanctions were lifted, Iran has been increasingly ramping up its crude oil output to try to regain market shares it had lost with the embargo. According to NIOC’s managing director Ali Kardor, the country reached the 4-million-bpd output mark earlier this month.

However, Iran has joined Iraq and Venezuela in questioning the way OPEC calculates production levels. Earlier this week Iran said that it is actually producing 300,000 barrels per day more than OPEC’s secondary sources estimates. The dispute over OPEC data to use as baseline for production may derail a possible deal to limit production within the organization, when member states meet to discuss the specifics of the target output range of 32.5 million bpd to 33 million bpd.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Chris on August 14 2017 said:
    Hysterical. Greece is indebted to Iran. A Third World radical Islamic state is now our economic master. Iran now controls multiple shares in our banking and refinery sectors as compensation for Greece not being able to pay off the debt immediately, and over 70% of closed Greek businesses are now owned by Iranians. A sad state of affairs when Iran gets to crack the whip on your own country. We will soon be everyone's punching bag, especially for the Muslim states. Egypt now also controls a significant part of the Greek economy. My boss is Egyptian.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News