Iran Signs Oil Deal With European Refiner as Sanctions End

Iran signed an agreement to supply crude oil with Hellenic Petroleum SA, a Greek oil refinery, in what may be the Persian Gulf producer’s first such deal with a European company since the removal of international sanctions this month.

Deliveries will begin immediately, Hellenic Petroleum said in an e-mailed statement on Friday. The agreement also includes an adjustment for a financial backlog owed to Iran’s state oil company after sanctions imposed four years ago, according to the statement. Iran’s Deputy Oil Minister Amir Hossein Zamaninia discussed potential energy co-operation with Greek Energy Minister Panos Skourletis earlier on Friday in Athens.