Tokyo (Platts)--25May2012/323 am EDT/723 GMT
The Japanese government is considering "realistic" options to ensure the country's imports of Iranian crude are not disrupted, Minister of Economy, Trade and Industry Yukio Edano told reporters at a press conference in Tokyo Friday. "We are responding to this [Iran] issue through working with other ministries as a whole," Edano said. "By analyzing various risk factors and overall issues, we would like to ensure crude supplies [from Iran] will not be disrupted in a realistic manner." He declined to elaborate on the options being considered by the government. Edano was speaking after Iran and six world powers -- the P5+1 group, of Britain, China, France, Germany, Russia and the US -- ended two days of talks in Baghdad Thursday over the Islamic Republic's controversial nuclear program. The negotiations are set to resume on June 18-19 in Moscow.Article continues below...Webinar: Discover Best Practices in Trade & Risk Management: Position Valuation & Risk MitigationMay 30, 2012, 11 am London / 6 am ET / 6 pm Singapore Featuring an in-depth look inside today's trading world and explaining key factors of most importance to protecting your business from risks and exposure. Key topics include: The key risk factors that impact your business: Market, credit, and operational risksStrategies to hedge, offset, reduce and eliminate market riskNatural hedges, physical fixed priced contracts, offsetting physical contracts, derivatives
The Japanese government is considering "realistic" options to ensure the country's imports of Iranian crude are not disrupted, Minister of Economy, Trade and Industry Yukio Edano told reporters at a press conference in Tokyo Friday. "We are responding to this [Iran] issue through working with other ministries as a whole," Edano said. "By analyzing various risk factors and overall issues, we would like to ensure crude supplies [from Iran] will not be disrupted in a realistic manner." He declined to elaborate on the options being considered by the government. Edano was speaking after Iran and six world powers -- the P5+1 group, of Britain, China, France, Germany, Russia and the US -- ended two days of talks in Baghdad Thursday over the Islamic Republic's controversial nuclear program. The negotiations are set to resume on June 18-19 in Moscow.
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Featuring an in-depth look inside today's trading world and explaining key factors of most importance to protecting your business from risks and exposure. Key topics include:
Earlier this month, the Bank of Tokyo-Mitsubishi UFJ, which handles 70-80% of the settlements for Japan's trade with Iran, was reported to have frozen accounts held by Tehran in response to a May 2 order by a New York District Court. That move raised concerns that a prolonged freeze on accounts could impede Japanese oil imports from Iran. The Japanese government is also considering guaranteeing up to $7.6 billion of insurance cover per tanker for shipments of Iranian crude oil to make up for the potential loss of protection and indemnity cover when European Union sanctions against Iran come into effect in July. --Takeo Kumagai, takeo_kumagai@platts.com--Edited by Maurice Geller, maurice_geller@platts.com
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