Greece plans to pay oil debt to Iran in two years

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Greece is going to pay back its oil debts to Iran within two years in accordance with an instalment plan, Iran’s Mehr News Agency reported on Friday, citing deputy oil minister for international affairs, Amir Hossein Zamaninia.

According to deputy minister Zamaninia, Iran is currently shipping approximately 60,000 barrels every day to Greece. The country’s oil refining company Hellenic Petroleum owes Iran 900 million euro (equivalent to almost US$979 million).

Greece was the first European country which resumed importing Iranian oil right after the sanctions against the country had been lifted. In January Hellenic Petroleum signed a long-term contract with the National Iranian Oil Company (NIOC) that includes crude oil shipments as well as settlement of financial liabilities.

Hellenic Petroleum, which is the owner of three of the four Greek oil refineries, was a significant buyer of Iranian crude oil before sanctions and used to import about 20 percent of its needs from National Iranian Oil Company.