Japan remains Iran’s important oil client

11 June 2019 13:46 (UTC+04:00)

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By Abdul Kerimkhanov

Iran’s share in Japan’s oil market is about 4.7 percent, Rogani Golpayegani, member of the Iranian-Japanese Chamber of Commerce, told Iranian media.

The official stressed that Japan is one of Iran’s important oil clients.

He added that the largest volumes of Iranian oil in 2018 and 2019 were exported to Japan and South Korea after China.

Noting that Japan had previously invested in Iran’s oil and petrochemical projects, Golpayegani mentioned that the visit of the Japanese Prime Minister to Iran could create a number of opportunities.

The Chamber of Commerce member also noted that Japan can invest and supply technology to Iran.

"In turn, Iran can increase trade with Japan in the oil market by petrochemical and other products," the official said.

As he pointed out, as many as $50 billion of foreign investment can be attracted to Iran annually, according to statistics.

In conclusion, Golpayegani expressed the hope that within the visit framework of the Japanese PM to Iran, banking exchanges between the two countries would be restored.

In the period from March 21 to April 20, Iran exported goods for $400,000 to Japan, and imported Japanese products for $2 million.

Japanese Prime Minister Shinzo Abe will visit Tehran on June 12. The visit is aimed at helping encourage dialogue with the U.S. and ease tensions.

During the trip, Abe plans to meet with Iranian President Hassan Rouhani on June 12 and Supreme Leader of the country Ali Khamenei on June 13.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94