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Energy
Japanese Oil Company to Again Halt Shipments from Iran
Friday, March 15, 2019
Tokyo- (PanOrient News) Fuji Oil Co. will no longer be importing oil from Iran as Japan’s exemption from U.S. sanctions is set to end in early May, officials in the Japanese oil sector told local media. The Japanese oil importer and refiner has been caught in the middle of the U.S.-Iran political and economic struggle.
Fuji Oil was forced to stop importing crude oil from Iran last November after the Trump administration pulled out of the 2015 nuclear deal and re-imposed sanctions on the country. However, Japan and a handful of other countries were later granted an exemption from the penalty, and Fuji Oil started importing from Iran again in January.
But as Japan’s exemption was only temporary, the company will once again halt Iranian imports, with the final shipments leaving Iran this month. Other major Japanese oil distributors are expected to follow suit, including JXTG Holdings.
It has been reported that the Japanese government is asking the U.S. for an extension to the exemption, but it’s still unclear whether the U.S. will give in to the request.
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