Japan’s crude imports from Iran slumped 96 pct in April
Japan's crude imports from Iran slumped 96 percent in April from
a year ago, as sanctions aimed at halting the Middle Eastern
country's atomic program limited insurance for transportation of
the cargoes, Bloomberg reported.
Oil purchases from Iran for the month dropped to 36,005 kiloliters,
or about 7,550 barrels a day, compared with 902,115 kiloliters in
April 2012, according to data today from the Ministry of Economy,
Trade and Industry.
Imports fell 97 percent from 1.39 million kiloliters in March, the
data showed.
Japan's total crude purchases shrank 6.2 percent in April to 17.59
million kiloliters, the trade ministry said.
Oil-product imports declined 17 percent to 2.54 million kiloliters,
while oil-product exports rose 16 percent to 2.42 million
kiloliters.
The Japanese government began providing sovereign insurance to
tanker operators that import Iranian oil after European Union
sanctions were introduced last year as an attempt to persuade Iran
to halt its nuclear program.
The sanctions barred coverage for 95 percent of the global fleet
because London-based underwriters arrange most of the
insurance.
Japan's oil buyers reduced their purchases in April to ration out
the government coverage and avoid using it up early in the year,
according to Akitsugu Takahashi, the executive director for retail
fuel sales at JX Nippon Oil & Energy Corp., Japan's biggest
refiner.
"There's a limit to how much insurance is available and that limit
can not be exceeded," Takahashi, who did not specify the limit,
told reporters today in Tokyo.
U.S. and EU officials say Iran's nuclear development is aimed at
producing atomic weapons, while the government in Tehran says the
project is for civilian purposes.
Statistics based on customs-clearance data by the Ministry of
Finance yesterday showed a 6.1 percent decline in crude imports
from Iran.
Today's trade ministry figures are based on data collected from
buyers via questionnaire and include fuel in so-called bonded
storage tanks that haven't yet passed through customs.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!