Iran engages Japanese firms for crude sales under a US waiver, but buyers seek longer guarantees and tanker safety assurances, Reuters reports.
Iran has opened talks with Japanese firms over crude sales under a US sanctions waiver, though buyers want longer guarantees and assurances on tanker safety, reported Reuters.
The waiver, issued on 22 June as part of 60-day peace talks between Tehran and Washington, expires on 21 August. Three Japanese companies are considering purchases, their first since 2019, according to Iranian sources. A Western industry source confirmed that initial discussions were underway.
Japan's Ministry of Economy, Trade and Industry stated it was unaware of such talks, while the foreign ministry and US Treasury did not respond to requests for comment. Japan, South Korea, India, and European states halted Iranian imports after US sanctions tightened in 2018. Since then, China has become Iran's main buyer.
A senior Iranian official indicated that any deal would require extending the waiver, given shipping times. Cargoes would be loaded at Kharg Island using Japanese-operated tankers. Iran's national oil company has approached traditional customers, including Japan, about resuming purchases if sanctions are lifted.
Risks in the Strait of Hormuz remain high. A containership was attacked last week, and Iran's Islamic Revolutionary Guard Corps insists that all transits must be cleared with them. The UN shipping agency estimates there are 80 floating mines in the waterway. Insurance is seen as the biggest obstacle, with Asian refiners well-stocked and unlikely to place orders, leaving Chinese independents as the main buyers.
