Tuesday , September 27 2022

Japan's Fuji Oil is considering signing a new oil import treaty in Iran


World – Iran

Fuji Oil is one of the largest Iranian oil users in Japan, accounting for about 30 percent of crude oil at the Refinery Refinery from April to September, with 143,000 barrels per day (bpd), said its chairman Atsu Shibota.

The company's officials did not disclose precise quantities processed at a company's refinery, but the official said the refinery functioned at full capacity for six months. But the share of Iranian oil fell to 36 percent in the fiscal year that ended March 31.

"We bought in the first six months (fiscal years), but we had to buy it all year, so we suspended the purchase," Shibota said during a six-month profit release.

"We are considering whether we will continue (buying) taking into account the costs and quality of crude oil. It is not clear whether we will continue with the original contract or whether we will buy it with a special agreement."

The United States has granted exemption to large Iranian oil buyers, Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey, allowing them to import at least another oil for another 180 days.

Shibota said the Japanese government did not issue any information on the amount of imports that should be allowed, adding that the company would like to retain different options for oil purchases after 180 days of exemption.

Another company official said Fuji Oil had previously purchased Iranian oil through fixed-term contracts.

Tokyo imported about 172,000 bpd of Iranian crude in 2017, which is 24.2 percent less than in 2016, representing 5.3 percent of total crude oil imports, according to data from the Ministry of Trade.

In the meantime, Iasuohiro Suzuki, the executive director of Cosmo Energi Holdings, told reporters Thursday that the company's results were announced in six months for the government to notify its company of an exemption and to consider whether to begin importing Iranian oil.

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