Executives of Japan’s Showa Shell Sekiyu arrived in Tehran on Monday, reported Press TV.
“The aim of the visit (by Showa Shell executives) is to increase the volume of oil bought from Iran during the post-sanction period,” head of international affairs at the National Iranian Oil Company (NIOC) Mohsen Qamsari said.
“The most important subject of discussions in Tehran is to decide the volume of oil purchases from Iran after the removal of sanctions,” he said.
Showa Shell Sekiyu is Japan’s biggest buyer of Iranian crude, importing about 70,000 b/d in 2014.
The company is also planning a merger with Japan’s second-biggest oil refiner, Idemitsu Kosan Co., buying Royal Dutch Shell’s one-third stake in Showa Shell.
“This merger and conversion to a Japanese refining giant is very important. The NIOC hopes the merger will boost the diversity of the Japanese company’s products and increase oil purchases from Iran,” Qamsari added.
According to Nikkei Asian Review the Japanese Foreign Minister Fumio Kishida and his Iranian counterpart Mohammad Javad Zarif had struck a broad agreement on a bilateral investment pact.
In a joint press statement they agreed to set up a council for Japan-Iran cooperation to discuss a variety of issues ranging from economic cooperation to the environment and medical care.
Senior executives of around 20 companies in such sectors as oil and automakers accompanied Kishida.