Japan envoy optimistic about investment in Iran’s petrochemical sector
Baku, Azerbaijan, Mar.12
By Fatih Karimov - Trend:
Japan's ambassador in Iran says he is optimistic about making investments by Japanese companies in Iran's petrochemical sector, the Fars News Agency reported on March 12.
Ambassador Kuji Honda made the statement on a visit to Iran's Ilam petrochemical complex, located in the western part of the country.
Iran and Japan have discussed forming a joint trade committee in a bid to give a boost to their bilateral ties, the Mehr News Agency reported on December 9.
Iranian Industry Minister Mohammadreza Ne'matzadeh met with Japanese Hiroyuki Ishige, the Chairman and Chief Executive Officer of the Japan External Trade Organisation, in Tehran.
The Iranian minister said the trade between Iran and Japan reached $819.7 million in 2012, of which the share of imports from Japan was $724.6 million.
Iran-Japan trade turnover had almost tripled since 1990 until 2011, reaching from $5.1bn to above $14bn, but Japan adhering to the Western sanctions over Iran led to a significant decrease in bilateral trade during past couple of years.
According to Iran's Custom Administration's report, Iran's non-oil import from Japan during a 12-month period from 20 March, 2012 to 20 March 2013, decreased to $585 million from $1.29 billion in the preceding solar year, indicating a 55 percent decrease.
Iran's non-oil exports to Japan including condensate and LPG, also decreased to $47.6 million in the last solar year from $512 million during preceding year which shows a huge drop.
Japan also cut Iranian oil imports by 40 percent during 2012 compared to 2011, while the country kept Iranian crude oil imports below 0.2 mbpd (194,936 bpd) during three quarters of 2013.
Japan had imported 500, 000 bpd Iranian oil in 2007, whilst Iran's exports to Japan were $12.74bn and imports from Japan were $1.33.
Edited by S.M.