Japan Energy Company May Resume Iranian Oil Import in December
JXTG Holdings, Japan’s biggest oil refinery operator, is considering whether to resume Iranian oil purchases after Japan was granted a waiver from US sanctions targeting Iran, Senior Vice President Yasushi Onoda said.
If it decides to resume purchases after taking into account the economics of Iranian oil against other grades, the company might be able to nominate crude from Iran for December loading at the earliest, he told reporters during a briefing on JXTG’s six-month earnings, Reuters reported.
“We do not have concrete plans for resumption,” he said, adding that loading and ship transport from Iran to Japan would take about a month.
The government gave the go-ahead for resuming Iran oil imports, but did not give any information on the volumes that would be allowed, he said.
JXTG said in May that Iranian oil accounts for 4% to 5% of its total imports. Onoda said the halt in Iran oil imports has narrowed its flexibility for oil procurement, but it has been able to procure replacement oil with no impact to stable oil supplies to Japan.
Onoda said it cancelled loadings of Iranian oil for October ahead of the start of US sanctions in early November. Considering that the United States gave the exemption until early May, JXTG might have to halt Iran oil purchases again from next April, he indicated.
He added that it looked as though JXTG was likely to overcome any issues with payment, insurance and vessels for resuming Iran oil imports.
Spokesmen for other Iranian crude buyers Showa Shell Sekiyu KK and Fuji Oil Co said the companies may consider resuming purchases.
The country imported about 172,000 barrels per day of Iranian crude in 2017, down 24.2% from 2016, trade ministry data showed. That accounted for 5.3% of total crude imports.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
