Japan's Iran Oil Imports Seen Resuming at Year-End

Tokyo, Nov. 27 (Jiji Press)--Takashi Tsukioka, president of the Petroleum Association of Japan, indicated on Tuesday that domestic oil wholesalers are expected to resume crude oil imports from Iran as early as the end of the year. "We'll execute the existing deals with Iran," Tsukioka, also chairman of oil wholesaler Idemitsu Kosan Co. <5019>, told a press conference. In response to the United States' decision earlier this month to allow Japan and seven other economies to continue buying oil from Iran for the time being, the Japanese wholesalers had been mulling over when to resume purchases from Iran. Tsukioka said the financial sector and other industries involved are believed to provide support for the resumption. An oil industry source said dollar-term settlements will be approved. Tsukioka offered the view that most of wholesalers are expected to resume imports in January-March, pointing to the time needed for preparations, such as securing tankers. He urged Tokyo to continue negotiating persistently with Washington for stable procurement of Iranian oil. The oil wholesalers have been suspending Iranian oil imports since October as strongly demanded by the U.S. administration of President Donald Trump, which aims to deal a heavy blow with Teheran through oil sanctions. END