Iran, Japan to boost oil cooperation

Jun 07, 2016 12:00 AM

Deputy oil minister has announced that Japan’s Mitsui Company is eager to cooperate with Iran and that the company may have an active participation in Iran's petrochemical sector.

The Japanese possess deep roots of collaboration with the Iranian oil industry, especially in petrochemical areas where construction of Imam Port Petrochemical marked the successful experience of partnership between the two sides.

Following implementation of the Joint Comprehensive Plan of Action (JCPOA) and the removal of sanctions against Iran, Japan expressed willingness to increase oil purchase and investment in Liquid Natural Gas (LNG) as well as upstream oil industry and Japanese reputable companies like Mitsui requested participation in Iran's petrochemical industry.

Zamaninia, while speaking at a meeting with Executive Director for the Middle East, Europe and Africa Division of Mitsui Company Atsushi Kome underlined necessity of cooperation with Japanese companies in upstream and downstream sectors of oil, gas and petrochemical industry in post-JCPOA arena adding “in view of brilliant background of Mitsui Company in petrochemical sector, the company may have active participation in Iran's petrochemical industry projects.”

He went on to underline that Iran's petrochemical industry requires 80 billion dollars of investment for next 10 years, “we hope that the company would opt for joint venture investment with Iran.”

The Japanese director said that “Iran has an important position among countries of the region and cooperation with Iran is extremely momentous for Japan.”

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