Japan ready to increase Iran oil imports

There is significant potential for the Japanese companies to participate in a variety of oil and gas projects in Iran, said Zanganeh after a meeting with the Japanese foreign minister.

Iran’s Oil Minister Bijan Zanganeh said on Monday that Japan has voiced readiness to increase imports of Iranian oil as soon as the US-engineered sanctions against Iran are lifted.

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

He added Kishida along with 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 contracts.

Zanganeh said there is significant potential for the Japanese companies to participate in a variety of oil and gas projects in Iran.

He said lucrative prospects exist in the area of reducing gas flaring at oil fields, increasing energy consumption efficiency and production of liquefied natural gas (LNG).

The minister further said that the Japanese companies have voiced interest in investing in Iran’s upstream projects, adding that he has asked the companies to present their proposals to that effect.

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