By John Lee.
Japanese oil refiners have started making oil payments to Iran through the Asian country’s largest lender, the Bank of Tokyo-Mitsubishi UFJ (BTMU).
Tokyo lifted sanctions against Iran last month; BTMU can now process Iranian oil payments for Japanese refiners both in the yen and euros, according to Platts.
The bank handled most of Japan’s payments for Iranian oil prior to the sanctions in mid-2012.
Japan’s Cosmo Energy, Chiyoda and Inpex are among the companies which have indicated that they wish to deepen relations with Iran following the lifting of sanctions.
Cosmo Energy wants to increase crude oil purchases from Iran, while Inpex, Japan’s biggest energy explorer, wants to make investments in Iranian assets.
Japanese industrial plant maker Chiyoda reached a basic agreement to renovate refineries in Bandar Abbas, NHK reported last week.
Meanwhile, Japan’s largest refiner JX Nippon Oil & Energy has confirmed renewing its annual 2016 term contract with Iran.