TonenGeneral buys first oil from Iran
TonenGeneral Sekiyu, Japan's second-biggest oil refiner by capacity which was formerly a unit of US energy giant Exxon Mobil, has reportedly purchased its first ever cargo of crude oil from Iran.
Reuters has quoted industry sources familiar with the matter as saying that TonenGeneral’s purchase of Iran’s oil, its first purchase form the country since becoming independent from Exxon Mobil, was carried out through a trading house.
It added that the shipment had arrived in Japan earlier this month.
The sources have also described Iran’s pricing terms for the purchase as “attractive”.
“TonenGeneral … previously could not buy Iranian oil due to its affiliation with the US oil company,” the report added.
The company is known among traders as an aggressive buyer of cheaper crude grades. It is also known for having one of Japan's highest ratios of spot crude compared to term volumes, and will consider buying more Iranian oil depending on economics, the sources added.
Last year, Japan's oil imports from Iran almost halved from 2011 levels in what analysts say was a result of the sanctions. Nevertheless, market figures show that there are signs of a recovery in the country’s oil imports from Iran this year. Industry sources have already emphasized that some Japanese buyers are looking to hike purchases of Iranian oil on a spot basis, Reuters reported.
Japan has imported 192,180 bpd of Iranian crude January-May this year, up 1.9 percent from the same period a year ago.
Japan's crude import figures for June, including from Iran, are due out on Friday, Reuters added.
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