Japan May Halt Iran Oil Loadings by March
Japanese refiners are considering resuming Iranian oil imports from January following Washington's recent sanctions waiver, but the window to load cargoes could halt in two months amid uncertainty about whether the waiver would be extended beyond the 180-day period.
Without a guarantee on extension, Japanese companies may be forced to finish loading Iranian oil by the end of February or early March to get enough time to clear all Iran-related oil transactions by the end of the 180-day period that began on November 5, the sources said.
The ideal target date to clear all Iranian oil transactions would be the end of April, which means that some Japanese companies "may be able to load only in January-February," a Japanese industry source familiar with Iranian oil shipping said.
In addition, Japanese refiners and shipping companies, which use government-backed shipping insurance for protection and indemnity cover for Iranian oil imports, will avoid a voyage around March end, when the insurance expires.
Following the US issuance of the sanctions waiver, the Japanese government shipping insurance is now ready to be used for Iranian oil shipping. Tokyo also intends to renew the government shipping insurance beyond April 1 after parliamentary approval.
Japanese companies involved with Iranian oil imports, including in refining, banking, shipping and insurance sectors, are still waiting for a detailed explanation from the government on the US sanctions waiver granted earlier this month before resuming their imports.
At least one Japanese refiner intends to soon begin talks with the National Iranian Oil Company, a refinery source said, adding that the refiner had already initiated talks with banks to resume oil imports, a refinery source said.
source: Financial Tribune
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