TEHRAN Oct. 13 (Shana) – Japanese Foreign Minister Fumio Kishida said there are an increasing number of companies from the world’s Asian heavyweight economy which are after restoring cooperation with Iran’s oil counterparts in the post-sanction era.
“Today, we exchanged views on expansion of economic ties,” he told Shana following a meeting with Iranian Petroleum Minister Bijan Zangeneh during which they discussed oil, gas, and petrochemical joint ventures.

Kishida who is heading a 23-member delegation of businessmen and officials from resource-poor Japan is seeking to secure stable supplies of crude oil and natural gas from Iran and is making arrangements for setting up a bilateral committee to deal with energy and infrastructure development and other economic issues, media reports in Tokyo said.

Zangeneh said after the meeting that any deal with Japanese companies is subject to implementation of the nuclear Joint Comprehensive Plan Of Action (JCPOA) which Tehran and the P5+1 powers endorsed in Vienna in July for removal of sanctions on Iran.

"Iran and Japan can cooperate in the petrochemical, refining, distribution and LNG sectors. The JCPOA must be implemented before joint ventures in Iran can be put out to tender," he added, stressing that direct investment by companies will obviate the need for holding tenders.

On the eve of the ministerial meeting, Deputy Petroleum Minister for Petrochemical Industry Abbas Shari-Moqaddam and Senior Executive Vice President of Mitsubishi Corporation’s Chemical Group, Takahisa Miyauchi, reviewed the possibility of the Japanese firm’s participation in Iran’s projects.

Also on Sunday, Director of International Affairs in Iranian Petroleum Ministry said the giant Japanese refiner Showa Shell is in negotiations with Iran over volume of buying crude oil from Iran after sanctions are lifted.

By SHANA