European refiners from Spain to Greece are ready to resume purchases of Iran's crude oil as talks on a nuclear deal is underway.
According to Bloomberg, Italy’s Saras SpA, Spain’s Cepsa S.A.U. and Hellenic Petroleum SA have expressed willingness to buy Iranian crude if sanctions were to end.
“As soon as Iranian oil becomes available, we will certainly start buying again,” Loukas Tripelopoulos, a Spokesman for Motor Oil Hellas SA, said by e-mail on July 3. “Motor Oil was always very fond of Iranian crude.”
Italy, Spain and Greece were the top European buyers of Iranian crude until the imposition of sanctions on the country in 2012, according to data from the International Energy Agency. Together, they imported 456,000 barrels a day in 2011, or 78 percent of total Iranian shipments to Europe.