Japan’s Refiners to Seek Extension of US Waiver to Import Iranian Oil

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"Trade transactions between the two sides have dropped due to US sanctions against Iran which have created some difficulties in transportation sector", Tanhaie said."However, the obstacles can be overcome by the help of Europeans".

U.S. President Donald Trump re-imposed sanctions targeting Iran's energy, shipbuilding, shipping, and financial sectors.

In response to the United States' decision earlier this month to allow Japan and seven other economies to continue buying oil from Iran for the time being, the Japanese wholesalers had been mulling over when to resume purchases from Iran.

The country is Iran's biggest crude oil buyer and has repeatedly stated it will not suspend imports regardless of sanctions.

Meanwhile, Iran has resolved banking issues for oil payments with China, an Iranian official told Fars News Agency on Wednesday.

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India is the second largest importer of Iranian oil after China, importing 17.62 million tonnes of oil between April and October of this year.

The Chinese government had previously ordered at least two state-owned companies to halt buying Iranian oil in the lead-up to the November 4 sanctions review deadline.

"A Chinese bank will start its banking exchanges with the Iranian side on December 2", said the Head of Iran-China Chamber of Commerce Asadollah Asgaroladi. The payments channel, known as a special goal vehicle (SPV) would use a system of credits to facilitate compensation for goods traded between Iran and Europe, allowing some trade to proceed without the need for European commercial banks to make or receive payments to Iran.

Takashi Tsukioka, who is also the chairman of oil wholesaler, Idemitsu Kosan Co. said Japan would execute its existing deals with Iran.

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