Iran sells first post-sanctions oil to Europe

Greece's biggest oil refiner, Hellenic Petroleum, has agreed to buy crude oil from the National Iranian Oil Company (NIOC), making it the first European refiner to restart trade relations with Iran after economic sanctions against the country were lifted.

The agreement includes “cooperation for the supply of crude oil, with immediate start of deliveries; and settlement of financial liabilities, which originated from the international sanctions imposed on Iran in 2011,” Hellenic Petroleum said in a statement.

Hellenic Petroleum was among the major buyers of Iranian crude before sanctions were imposed on Tehran in 2011.

According to estimates, Hellenic Petroleum owes Iran around $550-600 million for oil it bought before the sanctions but was unable to pay when the international embargo was imposed, a Reuters report said.

The long term agreement came after a series of deliberations in Athens and Tehran and will be “beneficial for both parties,” Hellenic Petroleum said.