Iran seeking 10% share of Japan's oil market

TEHRAN, Oct. 21 (MNA) – Pointing to Japanese refineries tendency to increase oil imports from Iran, executive director for international affairs at NIOC said Iran is seeking 10 percent of Japan’s oil market.

Seyed Mohsen Ghamsari referred to the 40-year history of Iranian crude exports to Japan and said cooperation between National Iranian Oil Company (NIOC) and Japan’s Idemitsu firm dates back to 50 years ago with Idemitsu being the first Japanese company which managed to import Iran’s gasoline and petrol after the nationalization of Iran’s oil industry.

Ghamsari evaluated the oil cooperation between Iran and Japan especially in selling oil to Japanese refineries as desirable; “nevertheless, the imposed sanctions in recent years led to a decline in sales and exports of Iran’s crude oil to Japan,” he asserted.

The official underlined that reduction in refining capacity of Japanese firms has been yet another reason for the drop in Iran’s oil sales to Asian countries and noted, “considering the talks between Iran and Japan, it is estimated that 10 per cent of Japan’s refining volume be allocated to Iran’s crude after the lifting of sanctions.”

Recalling that Japan’s oil refining capacity has decreased from 5.5 million barrels per day to about 3.5 million barrels per day in recent years, Ghamsari said, “accordingly, Iran is planning to gain 10 per cent of this Asian country's oil market in the post-sanctions era.”

On the latest status of selling crude to Showa Shell Sekiyu company, he explained: “currently, as one of Japan’s largest refineries, Showa Shell Sekiyu is negotiating with NIOC in order to determine oil price in Asia.”

NIOC head of international affairs further reminded that cooperation with Showa Shell Sekiyu company will be integrated with Idemitsu firm, explaining, “good relations between NIOC and Showa Shell Sekiyu together and the 60-year relations with Idemitsu can complement the already existing relations.”

Anticipating the signing of good contracts with the Japanese side, Ghamsari stressed, “indeed, we have achieved a general agreement with Japan on increasing crude oil sales but the Japanese are waiting for the complete abolition of sanctions due to some political considerations.”

The official emphasized the compatibility of the Iranian oil with Japan’s refineries; “technically, Japanese refiners are eager to buy Iran’s oil more than other countries' oil,” he added.



News Code 111280


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