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Japan ready to up oil imports from Iran

13 October 2015 [16:25] - TODAY.AZ

/By AzerNews/

By Aynur Karimova

Japan has voiced its readiness to increase imports of Iranian oil as soon as the international sanctions imposed against Tehran due to its nuclear energy program are lifted.

This was announced by Iran’s Oil Minister Bijan Zangeneh on October 12, local Iranian media reported.

After a meeting held with the visiting Japanese Foreign Minister Fumio Kishida, Zanganeh told journalists that Tokyo has agreed to increase its oil exports from Iran to the levels that existed before the sanctions.

"Kishida and the Japanese business leaders who are accompanying him were briefed on Iran’s new oil and gas investment opportunities, as well as the new format of energy sector contracts," he said.

Zanganeh also noted that the Japanese companies are also interested in investing in Iran’s upstream projects an a significant potential exists for the Japanese companies to participate in a variety of oil and gas projects in Iran.

"Lucrative prospects specifically exist in the area of reducing gas flaring at oil fields, increasing energy consumption efficiency and production of liquefied natural gas," he added.

Iran urges Japan to expand ties

Iran is also interested in close cooperation with Japan.

The country's Industry, Mines and Trade Minister, Mohammad Reza Nematzadeh has called on Japan for the expansion of bilateral relations, in particular in technical and trade sectors.

"The Islamic Republic of Iran gives support for the long-term economic activities and also the investments of Japanese companies in the country," Iranian IRNA news agency quoted Nematzadeh as saying at a meeting with Kishida in Tehran on October 13.

He also voiced Iran's interest in expanding bilateral ties in engineering and technical sectors.

"The expansion of trade ties with Iran will create a strong market for Japanese companies and Iranian products should be supplied in Japanese market," he added. "We can provide Japanese companies with data as Iran has decided on its trade and economic priorities for the next 10 years."

Japanese companies are seeking to enter the Iranian market and reap the benefits of new cooperation.

Trade between the two dipped significantly in recent years. The trade balance between the two countries has historically been in favor of Iran. In 2010, Japan cooperated with Iran on several major projects when annual trade between the two states exceeded $11 billion at its height.

The volume of Iran-Japan trade stood at about $2.5 billion before imposition of sanctions against Tehran, but fell to $240 million in later years.

The Islamic Republic and the P5+1 group countries reached an agreement, also known as the Joint Comprehensive Plan of Action, curbing Iran’s nuclear program in exchange for the lifting of most international sanctions.

Following the deal, Iran’s former trade partners have started dispatching delegations to Tehran to study cooperation in the post-sanctions period.

URL: http://www.today.az/news/regions/144349.html

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