Japan to Need Months to Resume Iran Oil Imports if Sanctions Lifted

Yuka Obayashi
Friday, May 28, 2021

Japanese refiners will need at least three months to resume Iranian oil imports even if Tehran's nuclear talks with world powers lead to an agreement and a lifting of sanctions, the head of the Petroleum Association of Japan (PAJ) said on Thursday.

"Even if the resumption of Iranian oil export is really going to happen, we'll have to consider it from then and it will take at least three months to resume import," PAJ President Tsutomu Sugimori told a news conference.

Eneos Holdings Inc, Japan's biggest oil refiner, has not started such a consideration yet, added Sugimori, who serves as chairman of the company.

The oil markets are watching the Iranian nuclear talks to see if sanctions on its oil exports would be lifted in full, with prices on both sides of the Atlantic easing amid concerns of possible return of Iranian supply.

Iran's government spokesman Ali Rabiei said this week that he was optimistic Tehran would reach an agreement with world powers soon, although Iran's top negotiator said serious issues remained.

On Tokyo 2020 Olympics, for which Eneos is an official partner, Sugimori said he was aware that many people have concerns about holding the Games, but that it was the company's "role to support the Tokyo Olympics as a partner".

Several polls have shown the majority of the public is opposed to holding the Games this summer as Japan struggles to contain a fourth wave of infections and prepares to extend a state of emergency in much of the country.

The head of a Japanese doctors' union has even warned that holding the Games, due to begin in eight weeks, could lead to the emergence of an "Olympic" strain of the coronavirus. 

(Reporting by Yuka Obayashi; Editing by Himani Sarkar)


Categories: Middle East Production Asia

Related Stories

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Woodside Agrees Long-Term LNG Supply with Petronas Unit

CNOOC Puts Into Production New Oil Field in South China Sea

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

CNOOC Starts Production at Two New Oil and Gas Projects

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Current News

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com