Media: Iran's first oil shipment to Europe as sanctions lifted

According to a media report, Iran has signed the first oil supply agreement with a Greek refinery - Hellenic Petroleum SA and would start delivering immediately. Before the sanctions, Europe had been the second-largest oil customer of Iran, purchasing nearly 600,000 barrels a day from the country. Among that, Greece was one of the biggest importers, buying 120,000 barrels a day in 2011.

As reported earlier, the lifting the sanction would also result in lower freight costs for Iran routes as a result of increase number of vessels plying that course.

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