ELPE (Hellenic Petroleum) has placed its first order for one million barrels of crude oil from NIOC, the state-run National Iranian Oil Company, due for arrival within the next few weeks, following the recent lifting of western-imposed sanctions on Iran.

The Greek refinery’s order was finalized yesterday after certain banking restrictions, still affecting trade with Iran despite the end of sanctions, were overcome.

The shipload carrying ELPE’s order is expected to arrive within March, a leading company official confirmed yesterday in comments to energypress.

ELPE’s agreement with NIOC, reached just weeks ago, allows the Greek refinery to order at least two million barrels of Iranian crude per month. This could cover 25 percent of the Greek refinery’s crude oil needs. Order amounts will depend on NIOC’s prices, revised monthly. If not competitive, ELPE may continue ordering from other suppliers, such as Libya, Iraq, and Saudi Arabia.