Japanese, Chinese tankers to resume shipping Iran’s oil

Oil&Gas Materials 24 January 2016 14:55 (UTC +04:00)

Baku, Azerbaijan, Jan. 24

By Khalid Kazimov - Trend:

For the first time after the removal of international sanctions on Tehran, a Japanese tanker is scheduled to load oil at Iran's Kharg oil terminal on Jan. 26.

According to IRNA news agency, Japanese companies which had proper cooperation with Iranian oil industry during the sanction-era will be first to carry Tehran's oil after the removal of sanctions.

Meanwhile, in a separate report on the same day, Mehr news agency reported that the Chinese tankers are also expected to resume carrying Iran's oil shipments as off 26 January after Japanese vessels.

Saying that Japan imported about 100,000 barrels of crude oil per day from Iran over the sanctions era, IRNA added that Japanese insurers provided the tankers in the mentioned period with the required insurance services.

So far, a number of Japanese refineries have extended their contracts with Iran and they are expected to increase the volume of their imports in April, IRNA said.

Currently Iran exports about 110,000 barrels of oil per day to Japan which is expected to exceed 250,000 barrels with the removal of international sanctions.

According to the Japanese sources, despite the removal of sanctions on Tehran, the Japanese insurers will continue to provide services to the compatriot tankers that carry Iran's oil.

After imposing sanctions on Iran over its nuclear program, the international protection and indemnity (P&I) insurance clubs stopped providing service to those tankers that carry Iran's oil.

However, given the fact that the sanctions have already been lifted, the Islamic Republic's ships are not anymore subject to any restrictions to sail in the European and international waters under the flag of Iran.

Earlier in June 2015, CEO of Iran's Oil Terminals Company Piruz Mousavi said the company is conducting preparatory measures to boost the maritime operation capabilities at Kharg Oil Terminal in order to enhance the export of oil for the post sanction-era.

In a joint statement on Jan. 16, the EU High Representative Federica Mogherini and Iran's Foreign Minister Mohammad Javad Zarif announced the implementation of the Joint Comprehensive Plan of Action (JCPOA aka nuclear deal) and the removal of economic sanctions on Iran.

According to the statement, EU confirmed that legal framework, providing for lifting of its nuclear-related economic and financial sanctions, is effective.