Sunday, April 2, 2023
British Herald
Advertisement
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
Home World Asia

Japan, South Korea plan to resume Iran oil imports from January – sources

Editorial Bureau by Editorial Bureau
November 20, 2018
0
Japan, South Korea plan to resume Iran oil imports from January – sources

FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005./File Photo

74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

TOKYO/SEOUL (Reuters) – Refiners in Japan and South Korea are looking to resume Iranian oil imports from January after receiving waivers from U.S. sanctions on Tehran, sources familiar with the matter said.

You might also like

 Pakistan hits highest inflation in 50 years

Members of exiled Chinese church detained in Thailand

Indian top opposition leader, Modi critic expelled from parliament

The unexpected resurgence in Iranian oil imports due to the waivers has helped push spot prices for Middle East crude and condensate to their lowest in more than a year.

The United States in November granted exemptions to eight countries, allowing them to import some Iranian crude for another 180 days. Japan and South Korea were among the top five buyers of Iranian crude and condensate before they stopped imports in the third quarter ahead of the sanctions.

South Korean refiners are set to hold their Iranian oil imports at zero until the end of the year, and they may resume shipments in late January or early February as buyers are in talks with Iran to sign new contracts, industry sources said.

“They are seeking to get the best price and are in talks with Iran,” said a source with direct knowledge of the matter.

Most tankers are booked until December, so South Korea may load Iran oil shipments in January at the earliest, he said.

It takes about 25 days for oil shipments from Iran to arrive at South Korea. Iran also has the option of selling oil from storage in Dalian, China, which would shorten delivery time.

Last week, a South Korean delegation was in Iran to negotiate for 2019 supplies of mainly South Pars condensate.

“There are some issues to be cleared like payment. We are not able to buy it at the moment and are not rushing,” a second source said. “Iran is also trying not to sell it cheaper. We … won’t import Iran oil until perhaps after January.”

The sources declined to be named due to the sensitivity of the matter.

JAPAN

Fuji Oil Co <5017.T>, one of Japan’s top Iranian oil buyers, plans to resume Iran crude liftings from January as well, and is also looking to buy condensate.

Fuji Oil was considering whether to sign a new contract for Iranian crude, its top executive said last week, adding that oil from Iran is competitively priced against rival grades.

Japan’s largest refiner, JXTG Holdings <5020.T>, said earlier this month it may resume Iranian oil loadings from December.

But while Japanese buyers are likely to buy Iranian oil through February loadings, they may not take the crude from March onwards, as they wait for the government to extend sovereign ship insurance into the new financial year that starts on April 1, industry sources familiar with the matter said.

Started in 2012 to counter sanctions on Iranian oil, Japan’s sovereign insurance scheme covers any shortfalls from Protection & Indemnity (P&I) insurance for ships carrying crude from Iran to Japan.

The Japanese government has declined to give information on the volumes of Iranian imports that would be allowed under the 180-day exemption period.

Some sources said the sanctions waiver may allow Japan to buy around 100,000 barrels per day (bpd) of Iranian oil. That marks a significant reduction for buyers that took about 165,000 bpd of Iranian oil in January-September.

Japan joined South Korea in temporarily halting Iranian oil loading around mid-September.

(Reporting by Osamu Tsukimori in TOKYO, Jane Chung in SEOUL and Florence Tan in SINGAPORE; Writing by Florence Tan; Editing by Tom Hogue)

Share30Tweet19
Editorial Bureau

Editorial Bureau

Recommended For You

 Pakistan hits highest inflation in 50 years

April 1, 2023
Pakistan Inflation

Year-on-year inflation in Pakistan reached 35.37 percent in March, the highest level in nearly five decades. As the government scrambled to satisfy International Monetary Fund (IMF) conditions in...

Read more

Members of exiled Chinese church detained in Thailand

March 31, 2023
60 members of a Chinese Christian church are in detention in Thailand.

According to supporters, more than 60 members of a Chinese Christian church are in detention in Thailand. This is a raising concern that they may be sent to...

Read more

Indian top opposition leader, Modi critic expelled from parliament

March 25, 2023
Rahul Gandhi expelled by Modi Government

Rahul Gandhi, India’s top opposition leader and fierce critic of Prime Minister Modi was expelled from Parliament Friday. Rahul Gandhi's removal from parliament as a result of his...

Read more

Road accident in Hong Kong leaves some 70 people injured

March 24, 2023
Road accident in Hong Kong

Four passenger buses and a truck collided near a Hong Kong road tunnel Friday.  About 70 people were injured, including children, most of the injuries were minor. The...

Read more

Ma Ying-jeou, former Taiwan leader will visit China

March 20, 2023
Ma Ying-jeou, former Taiwan leader will visit China

Former Taiwan President Ma Ying-jeou will visit China next week. In an effort to defuse hostilities between the self-governing island and the mainland, according to a spokesman. Ma...

Read more
No Result
View All Result
Burkina Faso expels reporters from France’s Le Monde

Burkina Faso expels reporters from France’s Le Monde

April 2, 2023
UK travelers face hours-long waits for ferries to France

UK travelers face hours-long waits for ferries to France

April 2, 2023
Rumble

The Right-Wing Video Site Rumble Expands, as Does Misinformation

April 2, 2023

Tags

amazon australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London new zealand north korea Rishi Sunak russia south korea spain T20 T20 World Cup taiwan thailand trending Trump turkey UK Ukraine usa
British Herald

Top News in World: Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

CATEGORIES

  • Africa
  • Articles
  • Asia
  • Brand Feature
  • Business
  • Climate & Environment
  • Companies
  • Crypto
  • Culture and Lifestyle
  • Daily Roundup
  • Economics
  • ECONOMY
  • edel
  • Entertainment
  • Europe
  • Fashion
  • Finance
  • Financial Markets
  • Fintech
  • Health
  • IN UK 01
  • IN UK 02
  • Investing
  • Latin America
  • Market
  • Middle East
  • nsp
  • Oceania
  • Opinion
  • Pharma/BioTech
  • Politics
  • Reviews
  • Science & Technology
  • Sport
  • Sustainability
  • Tech
  • Technology
  • Travel
  • UK
  • Uncategorized
  • USA
  • Videos
  • World

BROWSE BY TAGS

amazon australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London new zealand north korea Rishi Sunak russia south korea spain T20 T20 World Cup taiwan thailand trending Trump turkey UK Ukraine usa

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

No Result
View All Result
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?