Japan pledged yesterday to take concrete action to cut Iranian oil imports in response to an appeal for support from visiting US Treasury Secretary Timothy Geithner, as Washington steps up efforts to sanction Tehran over its disputed nuclear programme.
Geithner welcomed Tokyo’s co-operation, an encouraging sign for US foreign policy after China rebuffed US sanctions aimed at starving Iran of the oil revenues that provide the country of 74 million people with vital economic support.
Iran faces the prospects of cutbacks in oil sales to China, Japan and India, its top three buyers who together take more than 40 percent of its crude exports. The EU, a major buyer, has committed to banning imports of Iranian oil.
Japan’s Finance Minister Jun Azumi said Iranian crude made up 10 percent of Japan’s overall oil imports. “We would like to take action… to further reduce (that) in a planned manner,” he said. “On the other hand, we need some time in non-crude oil related areas, so I asked the secretary to take Japan’s situation into consideration.”
Cutting Iranian crude imports would not be without risks for Japan. The country relies on imports for its energy needs and has to import more fuel to make up for waning use of nuclear power following last year’s nuclear disaster in Fukushima. – Reuters