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Greece Still Relies On Russia For Oil

petroleumGreece, with no domestic production, needs oil imports from Russia, an amount that covers about 70% of the domestic oil market an overwhelming proportion, after Iran has cut off supplies.
In 2012, according to Imerisia, 43.7% of crude oil supplied to Hellenic Petroleum came from Russia, in comparison to a 32% rate in 2011. At the same time, the percentage of oil imported from Iran dropped to 9.2% from 31.4% in 2011.
On the other hand, since Greece’s first bailout deal with the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) was reached, Greece had to turn to Iran.
At that time, due to Iran being sanctioned for continuing with a nuclear program, it agreed to extend credit to Greece, becoming its main supplier in 2011. More than 50 percent of all oil imported in Greece in 2011 was of Iranian origin. By comparison, in 2010 that amount was only about 16 per cent, while 46 per cent was imported from Russia.
Unfortunately, the interruption of oil flow from Iran was almost catastrophic for Greece, as it has caused adverse effects on relationships between the Hellenic Petroleum and NIOC, the National Iranian Oil Company, because of Greece’s inability to pay for shipments in full, for the period January-March 2012.

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