09 January 2014
Chairman of Japan's JX Nippon Oil & Energy, the country's largest crude refiner, said the company has renewed its annual contract with Iran starting Jan. 2014.
Yasushi Kimura added that the confirmation of renewing Iran's annual crude import contract marked the first among Japanese buyers of Iranian oil for the 2014 import contracts.
Refiners Showa Shell, Cosmo Oil and Idemitsu Kosan also have annual crude import contracts with Iran, expiring at the end of March.
"We have concluded our annual contract starting from January," Kimura said on the sidelines of a reception in Tokyo hosted by the Petroleum Association of Japan, of which he is president.
Until December 2012, the company had an annual contract to import 80,000 bpd of Iranian crude. Like Iran's other customers in Japan, JX continues to buy Iranian crude under exemption from US sanctions that would otherwise bar Japanese banks from the US financial system.
A preliminary six-month deal between Iran and six world powers on the nuclear issue, struck in November but yet to be implemented, gives Tehran some sanctions relief but maintains the core restrictions on Iranian oil.
Nevertheless, the agreement has raised hopes that a comprehensive agreement will be reached, leading to the complete lifting of sanctions.
"I think Japan is in a very interesting position," Kimura said, adding that Japan and Iran are maintaining their relationship as in the past.
"By maintaining a good relationship [with Iran], I hope to see a new framework when situations develop into the next stage."
In the meantime, according to industrial sources, Iran's customers in Japan and South Korea are seeking to maintain their current import levels going into 2014.
Int'l oil firms keen to invest
Deputy Oil Minister for International and Commercial Affairs Mansour Moazzami said leading international oil firms have voiced their eagerness to expand cooperation with Iran to have a bigger share of the country's lucrative oil market.
"Most of the talks with well-known international oil companies were held upon their request. No conclusion has yet been made on determining the energy price," Moazzami was quoted as saying by Fars News Agency.
"We have started good contacts with well-known international oil companies interested in investment in Iran. A large number of talks and meetings between the corporations and Iranian officials were organized at the request of companies," he added. He stressed that the country does not have any problem over crude export. A total of 18 heavy and extra heavy oilfields have so far been discovered in Iran, including Ferdowsi Oilfield in the Persian Gulf, which is one of the country's biggest heavy oilfields with proven reserves of more than 31 billion barrels.
Chairman of Japan's JX Nippon Oil & Energy, the country's largest crude refiner, said the company has renewed its annual contract with Iran starting Jan. 2014.
Yasushi Kimura added that the confirmation of renewing Iran's annual crude import contract marked the first among Japanese buyers of Iranian oil for the 2014 import contracts.
Refiners Showa Shell, Cosmo Oil and Idemitsu Kosan also have annual crude import contracts with Iran, expiring at the end of March.
"We have concluded our annual contract starting from January," Kimura said on the sidelines of a reception in Tokyo hosted by the Petroleum Association of Japan, of which he is president.
Until December 2012, the company had an annual contract to import 80,000 bpd of Iranian crude. Like Iran's other customers in Japan, JX continues to buy Iranian crude under exemption from US sanctions that would otherwise bar Japanese banks from the US financial system.
A preliminary six-month deal between Iran and six world powers on the nuclear issue, struck in November but yet to be implemented, gives Tehran some sanctions relief but maintains the core restrictions on Iranian oil.
Nevertheless, the agreement has raised hopes that a comprehensive agreement will be reached, leading to the complete lifting of sanctions.
"I think Japan is in a very interesting position," Kimura said, adding that Japan and Iran are maintaining their relationship as in the past.
"By maintaining a good relationship [with Iran], I hope to see a new framework when situations develop into the next stage."
In the meantime, according to industrial sources, Iran's customers in Japan and South Korea are seeking to maintain their current import levels going into 2014.
Int'l oil firms keen to invest
Deputy Oil Minister for International and Commercial Affairs Mansour Moazzami said leading international oil firms have voiced their eagerness to expand cooperation with Iran to have a bigger share of the country's lucrative oil market.
"Most of the talks with well-known international oil companies were held upon their request. No conclusion has yet been made on determining the energy price," Moazzami was quoted as saying by Fars News Agency.
"We have started good contacts with well-known international oil companies interested in investment in Iran. A large number of talks and meetings between the corporations and Iranian officials were organized at the request of companies," he added. He stressed that the country does not have any problem over crude export. A total of 18 heavy and extra heavy oilfields have so far been discovered in Iran, including Ferdowsi Oilfield in the Persian Gulf, which is one of the country's biggest heavy oilfields with proven reserves of more than 31 billion barrels.
© Iran Daily 2014
