Greece

“While NITC continues to be the market leader in terms of the number of ships deployed for loading crude from Iran, other companies with ships loading from the country include Dynacom, Delta Tankers, Euronav, Polembros, COSCO, Avin International, Olympic Shipping and Management, New Shipping and Thenamaris, it said.” (Platts, "Tankers: Sharp Rise in Iran's Crude Oil Shipments to Europe," March 2017).

“While NITC continues to be the market leader in terms of the number of ships deployed for loading crude from Iran, other companies with ships loading from the country include Dynacom, Delta Tankers, Euronav, Polembros, COSCO, Avin International, Olympic Shipping and Management, New Shipping and Thenamaris, it said.” (Platts, "Tankers: Sharp Rise in Iran's Crude Oil Shipments to Europe," March 2017).

"Managing Director of the National Iranian Tanker Company (NITC) Sirus Kian Ersi says the NITC welcomes expansion of relations with Greek companies. "NITC welcomes expansion of relations with Greek companies," Ersi made the remark in a meeting with Greek Ambassador to Tehran Georgios Ayfantis in Tehran on Saturday. He said a Memorandum of Understanding (MoU), already signed with Greek George Moundreas & Co. is under investigation to secure maximum interests of the two sides." Since when an MoU has been signed between the NITC and George Moundreas & Co., many sessions have been held and the two sides have become acquainted with each other's capability and activity, trying to find executive mechanisms for mutual cooperation and attaining mutual interests." (SHANA, "NITC Welcomes Ties with Greek Companies," 11/1/2016). 

"While NITC continues to be the market leader in terms of the number of ships deployed for loading crude from Iran, other companies with ships loading from the country include Dynacom, Delta Tankers, Euronav, Polembros, COSCO, Avin International, Olympic Shipping and Management, New Shipping and Thenamaris, it said." (Platts, "Tankers: Sharp Rise in Iran's Crude Oil Shipments to Europe," March 2017).
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“More than 25 European and Asian-owned supertankers are shipping Iranian oil, data seen by Reuters shows, allowing Tehran to ramp up exports much faster than analysts had expected following the lifting of sanctions in January. Iran was struggling as recently as April to find partners to ship its oil, but after an agreement on a temporary insurance fix more than a third of Iran's crude shipments are now being handled by foreign vessels. ‘Charterers are buying cargo from Iran and the rest of the world is OK with that,’ said Odysseus Valatsas, chartering manager at Dynacom Tankers Management. Greek owner Dynacom has fixed three of its supertankers to carry Iranian crude. Some international shipowners remain reluctant to handle Iranian oil, however, due mainly to some U.S. restrictions on Tehran that remain and prohibit any trade in dollars or the involvement of U.S. firms, including banks and reinsurers... The resumption of international shipping of Iranian oil has been made possible by an increase in interim, limited, insurance cover by ‘P&I clubs’ - maritime mutual associations that provide ‘protection and indemnity’ insurance to shippers. The International Group of P&I Clubs, which represents the world's top 13 ship insurers, increased the amount covered by so-called ‘fall-back’ shipping insurance from 70 million to 100 million euros ($113.36 million) in April... Indeed, while the partial lifting of sanctions means foreign tankers can now transport Iranian oil, risks remain because large accidents might not be fully covered. As a result, insurers say many first-tier oil shippers, many of them publicly listed such as Euronav, Teekay Group or Frontline, still shy away from carrying Iranian oil.” (Reuters, “As Iran's oil exports surge, international tankers help ship its fuel,” 6/6/2016)

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"A Greek oil-tanker owner was asked about transporting Iranian crude, a shipment that’s only just become permissible following an easing of sanctions that hit the Persian Gulf country four years ago. Dynacom Tankers Management Ltd., based in the Athens suburb of Glyfada, has been approached to haul the Persian nation’s crude, said chartering manager Odysseus Valatsas, declining to elaborate. Shipbroker reports compiled by Bloomberg show that Litasco SA and Cia. Espanola de Petroleos SAU both have Iranian cargoes for which they will need vessels next month for westbound shipment." (Bloomberg, “Greek Tanker Owner Asked About Iran Oil as Europe Awaits Influx,” 1/26/2016)

"Nineteen people and companies in Europe and Asia acted as middlemen for Iranian airline Mahan Air, helping it procure supplies from the United States in violation of U.S. sanctions, the U.S. Commerce Department said on Wednesday. The regulatory notice from the department posted online provided further insight into the operations of Mahan Air, a commercial airline that the United States has accused of providing funds and transport for Iran's elite forces and flying weapons to Syria. The notice charged that the middlemen 'engaged in the development and operation of an illicit aviation procurement network designed to evade the U.S. government's sanctions against Iran.' A majority of the companies and people are based in Turkey, and others are in Armenia, Greece, Iran, Thailand and the United Arab Emirates. They included Greece's Aeolian Airlines and Armenia's Vertir Airlines, both small charter firms. The Commerce Department added the firms to its 'Entity List,' which largely prohibits them from buying restricted items from the United States, such as aircraft engines or spare parts…Commerce first blacklisted Mahan Air in 2008, after it found the company imported three Boeing Co 747 jumbo jets into Iran without U.S. authorization. Britain's Balli Group Plc later paid $2 million in criminal fines and $15 million in civil fines tied to the same charges. Mahan Air later continued to violate U.S. export laws, trying to find ways to obtain aircraft, engines and computer motherboards from the United States, according to previous Commerce notices. The Treasury Department has also accused Mahan Air of ferrying troops, equipment and weapons to support the government of President Bashar al-Assad in Syria's civil war." (Reuters, "U.S. says firms helped Iranian airline skirt sanctions," 12/11/13)

"United Against Nuclear Iran (UANI), a lobbying group led by former US ambassador to the United Nations Mark Wallace, claims the tycoon was involved in the formation of a strategic alliance between FBB and Iran’s Ministry of Petroleum. The allegations, which Restis has refuted, stem from a letter in which Greek businessman Dimitris Cambis, who recently landed on the US Treasury Department’s blacklist, asked Restis and FBB CEO Christos Kazantzis to back an Iranian investment scheme. TradeWinds obtained copies of two documents, including one dated 25 April 2012 and signed by Cambis on the letterhead of Athene Consulting House in which he requests a meeting aimed at 'initiating and concluding a strategic agreement' with FBB... 'Their own monthly transactions which shall be directed to FBB are a few billions and they have vast resources to support the strategic plan that you might agree on,' Cambis continued before outlining a proposed agenda for a meeting that would correspond with the ministry’s visit. The second letter, which was addressed to Restis and also dated 25 April 2012 but not signed, suggests that FBB hired Concept Consulting of Cyprus to advise on a transaction with representatives of the Iranian government. Its unclear if a meeting between Iran’s oil ministry and FBB ever took place but today Greek operator Enterprises Shipping & Trading released a statement on behalf of Restis in which the executive denied UANI’s accusations... The war of words erupted a day after the National Bank of Greece announced plans to absorb what it called the 'healthy assets' of FBB, in which affiliates of the Restis family controlled a 64% stake prior to what some have likened to a bailout." (TradeWinds, "Restis Fires Back," 5/14/2013) 

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"The advocacy group’s chief executive Mark Wallace late on Monday wrote to Mr Restis as non-executive chairman of First Business Bank, an already-defunct capacity after the bank was absorbed by the National Bank of Greece over the weekend and effectively ceased to exist. UANI cited a letter of more than one year ago from Dimitris Cambis, a Greek shipping executive whose companies have recently been blacklisted by the US Department of the Treasury, addressed primarily to the then-chief executive of FB Bank, Christos Kazantzis. The letter, which has been seen by Lloyd’s List, appears to have been written ahead of a visit to Athens by representatives of the Iranian Ministry of Oil, outlining a scheme to 'initiate and conclude a strategic agreement with FBB'. According to the letter, which is entitled ‘Introduction of Strategic Investor — Business Proposal’, Mr Cambis’ Athene Consulting House was proposing FB Bank as a partner of the Iranians because 'we trust Prof Kazantzis' and because Mr Restis was seen as 'an eminent international businessman' who might derive synergies from such a deal... FB Bank was taken over by the National Bank of Greece after failing to raise E 168m to recapitalise itself, a fact that by itself raises questions over the veracity of suggestions it had secret access to Iranian oil funds." (Lloyd's List, "Restis dismisses claim of Iran link to former bank," 5/14/2013) 

"Iran has blocked oil sales to two Greek companies, Hellenic Petroleum and Motor Oil Hellas after they failed to make payment, Iranian state television reported on Thursday. The English-language television network, Press TV, reported that Greece's top refiner Hellenic Petroleum and Motor Oil Hellas were barred from purchasing Iranian crude after they defaulted on their purchases." (Reuters, "Iran cuts oil to Greek firms over payment problems-Press TV," 4/5/2012)

"Refiners including France’s Total, Italy’s Eni and Saras, Spain’s Repsol and Cepsa as well as Greece’s Hellenic Petroleum are preparing to halt purchases of Iranian oil once sanctions bite, the sources said....Hellenic had to stop imports because the Swiss bank that it used was no longer processing payments to Iran, an industry source familiar with the situation said." (6/6/2018).

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In 2017 the U.S. state of South Carolina and Tennessee listed Hellenic Petroleum on its list of companies doing material business with Iran rendering Hellenic ineligible for investment and/or state contracting.

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Subsidiary of Paneuropean Oil and Industrial Holdings

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" Greece’s biggest oil refiner Hellenic Petroleum paid its first installment in June that amounted to €100 million." (June 2017)

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Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia described the fresh round of negotiations between Iran and Greece adding “during the two-day visit to the European country, a Memorandum of Understanding (MoU) was sealed for meeting Hellenic Petroleum’s debt to Iran.” (January 25, 2016).

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 "Greece's biggest oil refiner Hellenic Petroleum agreed on Friday to buy crude oil from Iran after negotiations with National Iranian Oil Company officials in Athens. The deal would make Hellenic Petroleum the first European refiner to restart trade relations with the Persian Gulf country after the lifting of international sanctions, Reuters reported." (January 2016) 

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"Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market." (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).

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“Founded in 1998, Hellenic Petroleum is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and in 11 countries. Its shares are primarily listed on the Athens Exchange (ATHEX: ELPE), and its market capitalisation amounts to about €2.2 billion” (Company Website).

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"Iran has blocked oil sales to two Greek companies, Hellenic Petroleum and Motor Oil Hellas after they failed to make payment, Iranian state television reported on Thursday. The English-language television network, Press TV, reported that Greece's top refiner Hellenic Petroleum and Motor Oil Hellas were barred from purchasing Iranian crude after they defaulted on their purchases. On Tuesday, a senior source at Hellenic Petroleum told Reuters the refiner had suspended purchases of Iranian crude because sanctions imposed by the Untied States and the European Union made it impossible to meet its oil payments." (Reuters, "Iran cuts oil to Greek firms over payment problems-Press TV," 4/5/2012)

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"Greece's largest company, Hellenic Petroleum operates four refineries: at Aspropyrgos, Elefsina, and Thessaloniki in Greece and Skopje in Macedonia. It also operates about 1,525 gas stations in Albania, Bulgaria, Cyprus, Georgia, Greece, Montenegro, and Serbia. It has 1,200 gas stations in Greece (23% of the retail market). Its other businesses include petrochemical production, oil and gas exploration, and infrastructure development. Hellenic Petroleum is owned by Paneuropean Oil and Industrial Holdings S.A. (35.89%) and the Greek government (35.5%)" (Company Profile, “Hellenic Petroleum S.A.,” Hoovers, 2010.)

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As of April 2010, Hellenic Petroleum imports 60 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia,” April 18 2010.)

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According to Greece’s Ministry of Foreign Affairs, “The Hellenic Petroleum Company has been cooperating with Iran for many years in the crude oil sector” ( Ministry of Foreign Affairs, “Bilateral Relations Between Greece and Iran,” December 2008).

Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the internet in July of 2007)