The implementation of the Iran nuclear agreement and the ensuing lifting of anti-Iran sanctions will give fresh impetus to Tehran-Athens trade relations, a Greek researcher and analyst said.
In an article published by Balkanalysis on Sunday, Ioannis Michaletos wrote, “Oil remains a key sector where the lifting of sanctions will benefit the Greek-Iranian commercial relationship. Until 2012 and the start of renewed international sanctions on Tehran by the international community, including a hydrocarbons embargo, Greece was importing around 200,000 barrels of oil per day from Iran.”
He noted that “The Greek refineries were importing the bulk of it (oil), mainly due to the favorable open credit terms for up to six months that Iranian producers were providing, despite the “country risk” Greece was facing due to its mounting debt and the assorted problems that this entailed for the country.”
Michaletos also said that a Greek oil company’s pending debt to Iran stands around 200 million euros.
“Also, analysts should note that the semi-state company Hellenic Petroleum (ELPE) owes money to Iran, and at some point the latter will surely ask to be paid back: the total debt ELPE owes Iran is around 200 million euros.”
He emphasized that it is incumbent upon Greece to pay back its debt to the Islamic Republic as soon as sanctions against Tehran are lifted.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.