Japanese Fuji Oil loads first cargo of Iranian oil since US sanctions

Japanese refiner Fuji Oil Co has lifted Iranian crude oil in the first cargo to head for Japan since the country received a waiver from U.S. sanctions on Tehran.

21 January 2019
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Japanese refiner Fuji Oil Co has lifted Iranian crude oil in the first cargo to head for Japan since the country received a waiver from U.S. sanctions on Tehran.

Very Large Crude Carrier (VLCC) Kisogawa

Japanese refiner Fuji Oil Co has lifted Iranian crude oil in the first cargo to head for Japan since the country received a waiver from U.S. sanctions on Tehran, a company spokesman said on Monday as reported by Reuters.

The VLCC (Very Large Crude Carrier) Kisogawa loaded 2 million barrels of Iranian oil on Sunday and is expected to reach Japan on February 9, according to the Fuji official and Eikon data.

Earlier, Abdolnaser Hammati, governor of Iran’s central bank, announced on Sunday night that Japan had started the process of importing Iranian oil, which was suspended due to U.S. sanctions. 

The resumption of oil imports comes after Tokyo was granted a waiver from U.S. sanctions that went into effect in November. Iran is the fourth-largest oil producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). 

“After China, South Korea, India and Turkey, Japan also started the process of importing Iranian oil,” Hemmati wrote in his personal Instagram account. 

Exemptions have been granted to Iran’s biggest oil clients - Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey - which allow them to import some oil for another 180 days.

Iranian oil accounted for 5.3 percent of Japan’s total crude imports in 2018.

Earlier in January, Turkey resumed imports of Iranian crude oil after a one-month hiatus in November when U.S. sanctions on Iran were reimposed, trading and shipping sources said. 

Iran started today offering another one million barrels of oil on its Energy Exchange (IRENEX). Tehran says it sold some one million barrels during the two previous rounds that were offered on the exchange market. 

Also, an Iranian oil official had said the country had found potential buyers for its crude. 

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