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Japan passes law to insure Iran oil imports
Japan's parliament approved government guarantees on insurance for crude oil cargoes from Iran on Wednesday, paving the way for it to become the first of Iran's big Asian oil buyers to get round new European Union sanctions, Reuters reported.
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It allows the Japanese government, which has succeeded in getting a waiver from U.S. financial sanctions, to provide cover of up to $7.6 billion for each tanker carrying Iranian crude bound for Japan in the event of accidents.
...
Iranian oil accounted for nearly 9 percent of Japan's crude imports last year. Japan has reduced the flow already to comply with U.S. sanctions requiring buyers to make sizeable cuts, but wants to avoid more drastic reductions that could drive up energy import costs and hurt the world's third-largest economy.
Refiners have cut their purchases even though Japan needs more oil to fuel power stations after last year's Fukushima disaster led to a halting of reactors providing nuclear power.
http://en.trend.az/capital/business/2038867.html
...
It allows the Japanese government, which has succeeded in getting a waiver from U.S. financial sanctions, to provide cover of up to $7.6 billion for each tanker carrying Iranian crude bound for Japan in the event of accidents.
...
Iranian oil accounted for nearly 9 percent of Japan's crude imports last year. Japan has reduced the flow already to comply with U.S. sanctions requiring buyers to make sizeable cuts, but wants to avoid more drastic reductions that could drive up energy import costs and hurt the world's third-largest economy.
Refiners have cut their purchases even though Japan needs more oil to fuel power stations after last year's Fukushima disaster led to a halting of reactors providing nuclear power.
http://en.trend.az/capital/business/2038867.html
