ELPE will have to buy first loads of Iran oil from Total

Hellenic Petroleum (ELPE) will not be able to purchase its first delivery of Iranian crude oil directly from Tehran, as had been foreseen when the Greek refiner signed its deal with the National Iranian Oil Company (NIOC) earlier this year. Rather, this month’s load, and likely the next three, scheduled for April, will have to be purchased from France’s Total.

The uncertainty in the regulations regarding the lifting of sanctions on Iran has led to problems when it comes to carrying out international transactions with the country. As a result, Athens-listed ELPE is currently unable to be supplied directly with Iranian oil quantities as provided by its deal signed with NIOC on January 22.

The same factor is causing problems with ELPE’s payment of the first 100-million-euro installment of its 600-million-euro debt to the Iranian company. “We have disbursed the installment, but it has not yet reached Tehran,” an ELPE source told Kathimerini, highlighting the difficulties in transactions involving Iran and international credit institutions.

Given its size, Total enjoys different treatment when it comes to carrying out international transactions, even when these involve Iran. Total has signed an agreement for the acquisition of major quantities of Iranian crude.