Greek Petroleum has reached an agreement in principle with Saudi Arabia to increase the amount of crude oil in the midst of the war in Ukraine.
The agreement in principle was confirmed on Tuesday by two sources of the group, speaking to Reuters.
“In principle, there was an agreement to increase the quantities of crude oil supplied by Hellenic Petroleum to Saudi Arabia for the further ensuring a smooth supply “of the Greek fuel market,” one of the sources told Reuters.
Saudi Arabia accounted for 8% of ELPE crude supplies last year, the company’s fifth-largest supplier after Kazakhstan, Iraq, Russia and Egypt.
ELPE bought last year about 2.5 million tons of Russian crudewhich is equivalent to 18% of total crude supplies, and have announced that they could replace it with crude from the Middle East if needed.
Moscow has begun to face problems in the sale of crude oil and petroleum products due to Western sanctions for Russia’s invasion of Ukraine.
reuters.com
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