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Official: Iran sold some 140,000 bpd of oil to Greece in Jan.-Feb.

Business Materials 7 April 2012 11:54 (UTC +04:00)

Azerbaijan, Baku, Apr. 7/ Trend D.Khatinoglu, F.Milad/

Between January 1 and February 3, Iran has exported 68,000 bpd to Greece directly and almost the same through third parties in Cyprus, EU economic advisor Mehrdad Emadi told Trend news agency.

Iran stopped oil exports to Greece in April because it has not received outstanding dues for exporting oil to the European country.

On Thursday, Iranian state television Press TV reported that Iran had blocked oil sales to Greek companies Hellenic Petroleum and Motor Oil Hellas, accusing them of defaulting on payments.

According to the U.S. Energy Information Agency, Greece imported 20,000 barrels per day (bpd) of oil from Iran by the first half of the past year, but increased the figure in the second half.

Iran's oil flows to Greece have stopped this month, depriving the Islamic Republic of one of its most loyal European customers and leaving Greece with its financing troubles struggling to buy elsewhere.

Greece is considered more vulnerable than most buyers as it is suffering a major economic crisis and has relied heavily on Iran, supplier of more than half its oil imports some months last year.

The European Union will impose a full embargo on Iranian oil imports from July 1 as part of an international stand-off over Tehran's nuclear program.

The United States has exempted Japan and 10 EU nations, including Greece, from financial sanctions because they have significantly cut their purchases.

The refiner stopped buying Iranian crude after the EU announced an embargo of Iran in January but was able until recently to take a monthly contractual cargo.

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