(MENAFN) Greece intends to settle its multi-million dollars outstanding debt to Iran for oil bought prior to the escalation of the infamous sanctions on Tehran back in 2012, according to the latest reports.
Under the settlement deal, Greece will start buying oil from Iran immediately through its Hellenic Petroleum refiner and will settle its multi-million euro outstanding debt to the oil/gas rich nation.
In particular, Hellenic Petroleum is expected to owe Iran around USD550 -600 million for oil it purchased before the sanctions but has stated it was unable to pay when the international embargo was forced.
Moreover, Greece is clearly trying to reconstruct its business ties with the Islamic republic to secure a healthy oil/gas trade relationship to fulfill all its energy needs, and this is the recent trend with many global nations.
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