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Iran oil ban to harm Greece, Italy, Spain

Oil&Gas Materials 10 December 2011 14:37 (UTC +04:00)

Azerbaijan, Baku, Dec. 10 / Trend F.Milad/

Cutting exports of Iranian oil under the imposed sanctions will first harm Greece, Italy and Spain, the Iranian parliament member stated.

"At present, Iran exports some 450,000 barrels of crude oil to Europe, accounting for 18 percent of total oil exports to the continent," Seyyed Emad Hosseini told Fars news agency. "Greece, Italy and Spain are the major importers of Iranian crude oil in Europe. So, imposing embargoes on Iranian oil will harm the three countries."

If the European countries decide to replace Iranian oil, they have to change all their refining units and facilities to meet specified by API degree, he added.

The U.S, Great Britain and Canada announced about new measures against Iran's energy and financial sectors on November 21. France proposed new sanctions, including the freezing of Iranian Central Bank's assets and suspending the purchase of Iranian oil.

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