Tuesday Jul 29, 2014 Search
Weather | Athens
31o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Tehran announces end to oil supply

 Greek refineries import quantities from Russia and Saudi Arabia and contemplate Iraq

By Chryssa Liaggou

Iran is cutting the supply of oil to Greek companies Hellenic Petroleum and Motor Oil, according to a broadcast on Tehran-based news station Press TV that was reported by Reuters on Thursday.

The English-language network said that Tehran had stopped supplying the two major Greek refining companies due to problems with bank transactions resulting from reluctance on the part of European banks to get involved due to sanctions on Iran announced by the European Union and the United States.

“No comment” was the response of sources at Hellenic Petroleum who pointed to the firm’s recent statement on the issue saying that the group secures its refineries’ supply of raw materials required from the market and adjusts to conditions as they arise, suggesting that there is no problem with oil supply.

Motor Oil officials stressed yesterday that “the issue with Iran is long closed.” The firm’s deputy managing director, Petros Tzannetakis, has told analysts that he has a basket of supplies that changes depending on availability and opportunities in the market, the officials said.

Nevertheless, energy market sources associated the Press TV and Reuters reports with pressure for the privatization of Hellenic Petroleum and the downgrading of the group’s stock. They add that Greece is among 10 European states that the US has exempted from the economic sanctions because they have significantly reduced their purchases of Iranian oil.

The European Union’s embargo on Iran is due to go into effect on July 1, but banks’ reluctance to conduct transactions with Tehran has forced an end to Greek refineries being supplied with Iranian oil.

A Hellenic Petroleum source told Reuters that the company is currently purchasing quantities of oil mostly from Russia and Saudi Arabia equal to what it would have imported from Iran. In May it will increase purchases from Saudi Arabia and consider buying oil from Iraq, too.

ekathimerini.com , Thursday April 5, 2012 (22:28)  
Great margin for growth in exports
Parliament’s Budget Office says third bailout may be needed
Ryanair ‘not particularly interested’ in Cyprus Air
August 2 expected to be Greek tourism’s D-day
Ministry appeals to keep limit on prescriptions
Faced with the prospect that its attempts to rein in spending on medicines will be scuppered, the Health Ministry appealed on Monday against a Council of State ruling to temporarily suspend ...
Universities aghast at new schools opening
University officials have decried the government’s decision to open two new departments at the same time that funding for the tertiary institutions continues to be slashed. It emerged that t...
Inside News
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
Inside Sports
COMMENTARY
Weighing all the factors
Certain people in the know continue to believe that snap elections will take place in the fall. Prime Minister Antonis Samaras is obviously aware of this trend, which is why he told Parliame...
EDITORIAL
Clear rules, for everyone
If we want to deal with the economic crisis, we need clear rules. A large number of individuals and businesses have amassed huge debts they cannot service. And some worrying symptoms have al...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ministry appeals to keep limit on prescriptions
2. Great margin for growth in exports
3. Universities aghast at new schools opening
4. Greece to hold next talks with troika in Paris, not Athens
5. Anastasiades sees lack of progress on Cyprus talks
6. Supreme Court deputy prosecutor says ex-finance chief should be tried over ‘Lagarde list’
more news
Today
This Week
1. Defense Minister Avramopoulos to represent Greece at European Commission
2. Tree collapses in village square, killing nine-year-old boy
3. Euro inflation seen testing ECB patience as stimulus takes time
4. Minister mulls fixing food and drink prices at non-private beaches
5. Maziotis moved to Diavata Prison in Thessaloniki
6. Multi-bill containing prior actions ready for Parliament
Today
This Week
1. Climber dies in Mount Olympus fall
2. Unequal after death
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
5. Quadriplegic woman on life support 'dies due to unpaid power bills'
6. Front-line threats
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.