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Tokyo plans to swiftly lift all bans on economic ties with Iran

January 18, 2016, 9:11 UTC+3 TOKYO

Tokyo imported around 10% of Iran’s oil before introducing sanctions against Tehran

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 Yoshihide Suga

Yoshihide Suga


TOKYO, January 18. /TASS/. Japan’s government plans to lift all sanctions and restrictions on economic relations with Iran, the country’s Chief Cabinet Secretary Yoshihide Suga told reporters on Monday.

"Now all the ministries and agencies related to the sanctions are coordinating their positions," Suga said. "Quick measures will be taken in accordance with the decisions of the UN Security Council."

Japan’s government plans to sign an agreement on bilateral investment cooperation with Iran. It seeks to include tools of securing investments and wants its companies to enjoy the same rights as the Iranian enterprises.

Tokyo imported around 10% of Iran’s oil before introducing sanctions against Tehran. After Japan joined sanctions against Iran over its nuclear program, this share fell to 5% and then reduced even further.

Now Japan’s companies are ready to resume oil purchases in Iran with the goal of diversifying supplies.

The Mainichi newspaper reported on Monday that Tokyo is interested in restoring the rights for developing the Azadegan oil field, in Iran’s southwest, which is one of the largest in the world. Its oil reserves are estimated at 35-42 billion barrels. Japan’s Impex company owned 75% of shares in the project but abandoned it after the introduction of international sanctions against Tehran.

Japan’s producers of cars and household appliances are also interested in Iran’s market with the population of some 80 million people. Nissan Motors is already in talks on establishing an assembly plant in the country.

International sanctions imposed on Iran by United Nations Security Council resolutions in 2006-2011 were lifted on Saturday after Director General of the International Atomic Energy Agency (IAEA) Yukiya Amano said in a statement that Iran had carried out all the measures required to start implementing the nuclear deal.

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