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Monday 02 April 2012Some Japan firms to skip Iran crude buying in April
TOKYO/SINGAPORE, April 2 (Reuters) - At least three Japanese firms including two oil refiners will not lift any Iranian crude in April as the third-biggest buyer of Iranian oil comes under pressure from the United States to curtail purchases, industry sources said on Monday. Japan has been cutting Iran imports even as its imports have been rising on demand related to reconstruction and the switching off of all but one of its nuclear reactors following the March 2011 earthquake and Fukushima nuclear disaster. The cut in Iranian crude imports comes at a time of lower demand in Asia as refiners shut their units for maintenance in the second quarter. Japan's third-biggest refiner, Idemitsu Kosan Co, which lifted about 7,000 barrels per day (bpd) of Iran crude up to the end of March, is seen as one of the refiners that could cut the purchases as it has not yet renewed its annual contract with Iran, sources familiar with the matter said. Another Japanese refiner plans to cease Iranian crude lifting in April and May and it has all but completed procuring alternative crude, the sources said. Another headache for Japanese buyers is worry over insurance problems as a widely expected ban on European insurance cover for Iranian oil exports from July 1 is threatening to curtail shipments and raise costs for major buyers such as Japan and South Korea. The European Union last month allowed some insurance on Iranian shipments headed for destinations other than Europe to be exempted from its sanctions only until July 1. Japan and South Korea have lobbied for exemptions, but insurance and shipping executives say a complete ban now looks likely. The EU move has forced India and other Asian shipowners dependent on European insurance to look for replacement coverage elsewhere, such as in China, Russia and the Middle East. LIFTING BUT LOWER VOLUME Japan's crude oil imports from Iran fell 32.7 percent in February from a year earlier to 1.41 million kilolitres (305,800 barrels per day), Trade Ministry data showed on Friday. The Japanese government is believed to want Idemitsu Kosan to continue cutting Iranian crude imports as it has been, which is by 10 to 20 percent a year, the oil refiner's chairman said last month. Showa Shell Sekiyu, the nation's top buyer of Iranian crude, will lift some Iranian barrels this month, but the volume will be lower than last year's average of about 100,000 bpd, to comply with the U.S. sanctions, industry sources said. Another big lifter, JX Nippon Oil & Energy Corp, which media reports say is likely to cut imports from Iran by 10,000 bpd to about 80,000 bpd this year, is likely to lift some Iran oil this month, the sources said. The United States is pushing sanctions to pressure Iran to curb its nuclear programme, which the West suspects is a cover to develop atomic weapons but which Iran says is purely for civilian use. (Editing by Michael Watson and Robert Birsel) |