The final agreement of Greek Petroleum and the Iranians

The final agreement of Greek Petroleum and the Iranians

Athens, February 11, 2016/ Independent Balkan News Agency

By Olga Mavrou

ELPE or Hellenic Petroleum, the biggest oil  refiner of Greece, will pay in the next 10 days  the first instalment of its 600  millions euro debt to Iran, that is  100 millions euro. As was agreed a few days ago in Iran,  the Greek company (which owns 600   million for oil that  it imported from Iran before the embargo  and couldn’t  pay for  it due to bank restrictions imposed immediately after the embargo)   the debt will be paid in various forms and not all of it in cash

About 50% of it will be paid in refined oil, since Iranian refineries are not yet as modernized as Greeks –that means ELPE will not be paid for refining oil and sending it back to Iran, but the cost will be deducted from the debt.  A percentage of the debt will also be paid in “know how”, that is Greeks will help Iranians upgrade their own refineries.

According to sources Iranians were interested in buying a percentage of shares in ELPE as they did with a Spanish company that owed them money for the same reasons, but it seems that ELPE resisted the idea –basically the one who denied seems to be the bigger shareholder of ELPE,  Latsis.