Japan’s Idemitsu Kosan Mulls Replacement for Iranian Oil

Japan’s Idemitsu Kosan Mulls Replacement for Iranian Oil

Idemitsu Kosan Company expects to deal with other alternatives for crude oil supplied from Iran because of the US sanctions, according to an executive in the Japanese oil refining company, Reuters reported.

Japan seeks to compensate for Iranian oil supply from other countries, especially in the Middle East.

“We don’t have any problem with securing alternative supplies since Iranian oil accounted for less than 10% of our total supply,” Noriaki Sakai, Idemitsu’s General Manager of Finance Department, told a news conference.

“We have not picked any particular countries to buy alternative supplies for Iranian oil, but we have a wide range of sources and we are selecting where and when to buy alternative crude depending on prices and seasonal demand,” he added, pointing out that Saudi Arabia, UAE, and Kuwait are among the top oil producers with extra output capacity.

Dina Elbehiry 642 Posts

Graduated from Faculty of Economics and Political Science- Cairo University.
Having an Economic background and currently working for Egypt Oil & Gas.

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