30 July 2016 - 19:19
  • News Code: 266023
Japan to Invest $10bn in Iran’s Oil Industry

TEHRAN, July 30 (Shana) – Deputy Minister of Petroleum for International and Commercial Affairs Amir-Hossein Zamaninia said on Saturday that Japan has set aside 10 billion dollars in credit for investment in Iranian economic sector and the sum will soon be reimbursed.

Zamaninia dwelt on talks with the Japanese party for investment in Iranian oil industry and said it used to be a good partner for Iran, the Japanese are to have active presence in Iranian oil industry.

He said Japan’s capital will be channeled to such sectors in Iranian oil industry as petrochemicals, refinery and LNG. 

“The Japanese are now assessing the market to identify ways and means of investment in Iranian oil industry.”

Japan has a long record of activity in Iranian oil industry and construction of Bandar Imam Petrochemical Complex is an instance of their partnership with Iran.

The Japanese are also to contribute to such projects as LNG and talks to that end have not yet been fruitful.

After the JCPOA, Japan raised its oil purchase from Iran but is willing  to buy more light oil and gas condensates from Iran. 

Based on the reports available, Iran stood as the fourth major oil supplier to Japan in May with daily export of 308,000 barrels of oil and gas condensates.

News Code 266023

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