Updated : 1 Hour , 25 Minutes ago
Publishe Date: 8:53 PM - 10/2/2013 | Print

Iran welcomes energy cooperation with Japan

Economy - Iran’s Minister of Oil Bijan Namdar Zanganeh has expressed the country’s willingness for broader cooperation with Japan in the energy sector.

Zanganeh voiced Iran’s interest for cooperation in response to an August letter from Japan’s Minister of Economy, Trade and Industry Toshimitsu Motegi for cooperation.


“Reciprocally, I …announce my willingness for the development and improvement of relations between the two countries in all fields particularly oil, gas and energy security,” the Iranian minister wrote in his letter on Wednesday.

Japan is a traditional buyer of Iran’s crude oil. Data from Japan's Ministry of Economy, Trade and Industry showed on Monday that Japan imported 214,879 barrels per day of crude oil in August.

In September, Japan was granted a six-month waiver from US sanctions to purchase crude oil from Iran.

Zanganeh, who took office in August, has said the country will soon increase its oil exports in defiance of restrictions imposed on the Islamic Republic's energy sector.

He has ordered a review of buy-back oil contracts in a bid to make them more attractive for potential foreign investors.

Iran sits atop huge untapped hydrocarbon reserves.

 

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