Japanese companies leading in oil deals with Iran
Iran has recently published the list of 29 foreign companies qualified to participate in development projects of 49 oil and gas fields based on a newly designed agreement, called the Iran Petroleum Contract (IPC). Five companies in the list are Japanese, including Inpex, Japan Petroleum Exploration, Itochu, Mitsui and Mitsubishi Corporation. Japan is one of Iran’s major oil clients, which imported more than 225,000 b/d of Iranian oil in 11 months of 2016, according to Reuters’ calculation . Iran’s Mehr News Agency also reported Jan. 13 that Japan imported 214,000 b/d of Iranian oil in 2016, about two times more than the sanctions level (2012-2015). The sanctions on Iran were removed in January 2016. According to the report, during 2016, Iran signed one-year and long-term agreements with Japanese JX Nippon Oil & Energy Co., Idemitsu Group, Showa Shell (a part of the Royal Dutch Shell Group), TonenGeneral Sekiyu and Cosmo Oil Company to export oil. Iran also signed a me