Oil min. calls for Iran-Japan joint LNG production

News ID: 2879134 -
TEHRAN, Aug. 09 (MNA) – Meeting Japanese delegation, Iran’s oil minister invited the visitors to partner in many areas especially LNG output.

The delegation of high-level Japanese trade official and executives of major industries, headed by Japan’s State Minister of Economy, Trade and Industry Daishiro Yamagiwa met with Oil Minister Bijan Namdar Zangeneh who received the delegation from Oyashima in Oil Ministry Headquarters in Tehran.

During the meeting Namdar Zangeneh voiced pleasure over the meeting with the Japanese delegation and expressed hope that the visit would mark start of a new era of cooperation between the two Asian countries.

The oil minister continued that the two countries could cooperate in fields of technology, energy, oil trade, investment in petrochemical industry, and investment in trade and industry.

Zangeneh underlined investment in Iran's production of Liquid Natural Gas (LNG) as one of opportunities of cooperation for Japan. He also called for cooperation in Iran’s West Karoun area which comprises Yadavaran, North Azadegan, South Azadegan, North Yaran, and South Yaran oil fields. The biggest among all are South Azadegan and Yadavaran which are shared with Iraq’s Majnoon and Sinbad fields, respectively.

The visit is the first by a Japanese trade official to Iran in 14 years and marks the first major dash by an Asian nation for business opportunities in the Islamic Republic after similar expeditions by the Europeans recently.

Japan hopes to raise oil imports from Iran which supplied 10% of the Asian nation’s crude before sanctions were imposed on the Islamic Republic in 2011. Tokyo currently sources 5% of its crude oil from Iran under an interim deal between Iran and the West in November 2013.

The delegation comprised of executives and representatives from 21 companies, banks, and firms of Japan including Toyota, Honda, Mitsubishi, Sumitomo, Itochu, Sojitz, Mitsui, Japan Business Federation (Keidanren), JX Nippon Oil & Energy Corporation and a host of others.

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