TEHRAN: Deputy oil minister said Japan’s plan to invest 10 billion dollars in various economic sectors of Iran will be implemented soon. Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia touched upon negotiations with Japan over investment in Iran’s oil industry adding that “Japan has always been good trade partner for Iran and the Japanese plan to have an active participation in the country during the post-sanction era.”
“The Japanese side plans to make investments in various sectors of Iran’s oil industry including petrochemicals, refinery and LNG,” noted the official asserting “Japan is currently evaluating market conditions in order to define its investment approach.” Zamaninia referred to the possibility of boosting Iran’s crude exports to Japan saying “Tokyo is currently faced with certain restrictions in exploiting crude oil and is after increasing gas condensate purchase.”
Japan was one of the major customers of Iranian oil with 338,000 barrels per day of imports before international sanctions were imposed against Iran in 2012. Iran hosted several leading Japanese companies in its oil and gas projects before the sanctions were imposed. During years of the sanctions, the Asian country continued to import crude from Iran, though at limited volumes, under a preliminary nuclear agreement.
Japan holds a long history of presence in Iran’s oil industry while talks over their participation in the country’s LNG market have not reached conclusions. INPEX, Japan’s largest oil and gas Exploration & Production company, intended to undertake development of South Azadegan oilfield though the plan was not realized due to intensified sanctions. After the removal of sanctions, Japan’s imports of Iranian oil have risen sharply though they are mainly eager to purchase light oil and gas condensate.
