The top crude oil refiner in Japan has declared it has plans to resume oil imports from Iran amid growing interest among Asian peers to follow the suit.
Chairman of Eneos Holdings Inc Tsutomu Sugimori said on Thursday that the Japanese refiner will consider resuming oil imports from Iran if talks between Tehran and world powers to revive a 2015 nuclear deal, known as the JCPOA, are successful.
The announcement comes amid Japan’s efforts to prevent a sharp rise in fuel prices as the country fears a collapse of talks over Iran nuclear deal and rising tensions between Russia and Ukraine could impact a global market already affected by the spread of the coroanvirus.
Sugimori said that resuming oil imports from Iran would start at least two months after the conclusion of talks about the JCPOA as the company will need to make arrangements about insurance and shipping issues.
That comes a day after authorities in South Korea made similar statements about a potential resumption of oil imports from Iran after they held talks with an Iranian delegation in Seoul.