Hellenic Petroleum Considers Buying Iraqi Crude

Greece’s top refiner, Hellenic Petroleum, is said to be considering taking supplies of Iraq’s Kirkuk crude oil, following its suspension of purchases of Iranian crude as a result of sanctions on Tehran.

According to the report from Reuters, Greece’s financial difficulties had made Athens reluctant to reduce its purchases of cheap Iranian crude ahead of a EU-wide embargo from 1st July, but no European Union banks were willing to handle the business any more, forcing it to suspend buying this month.

The company is now buying crude grades similar to Iranian oil, mainly Urals crude from Russia, as well as Saudi Arab Light grade, although the high official selling prices for the latter have capped April purchases at just one cargo.

(Source: Reuters)

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