Japan to cut oil imports from Iran
Source: Agencies |
January 13, 2012, Friday
|
Print Edition
Print Edition
JAPAN gave a boost yesterday to the US campaign to sanction Iran over its nuclear program, pledging to buy less Iranian oil.
Iran's "nuclear development problem can't be ignored by the world, so from that perspective we understand the US actions," Finance Minister Jun Azumi said after meeting with US Treasury Secretary Timothy Geithner, who was visiting Tokyo after two days in Beijing.
Japan imports about 10 percent of its oil from Iran, Azumi said.
"We plan to start reducing this 10 percent share as soon as possible in a planned manner," he said.
Geithner's trip to Asia's two largest economies is part of a global lobbying effort to win support for the sanctions aimed at halting what Western governments say is Iran's effort to develop nuclear weapons. The sanctions, targeting the oil industry, would bar financial institutions from the US market if they do business with Iran's central bank.
Iran has threatened to respond to sanctions by shutting the Strait of Hormuz, a major oil transit route.
China has criticized US sanctions on Iran, approved by President Barack Obama on New Year's Eve, as improper and ineffective. China supported UN sanctions on Iran's nuclear program but says action should be multilateral.
"To place one country's domestic law above international law and press others to obey is not reasonable," Foreign Ministry spokesman Liu Weimin told reporters at a regular briefing on Wednesday.
Experts said Tokyo's move to reduce imports from Iran would likely have limited negative impact on Japan's economy as the country would probably be able to increase imports from other major oil producers such as Saudi Arabia and the United Arab Emirates.
But the sanctions - and accompanying geopolitical tension - could raise global oil prices and undermine the world economy.
Iran's "nuclear development problem can't be ignored by the world, so from that perspective we understand the US actions," Finance Minister Jun Azumi said after meeting with US Treasury Secretary Timothy Geithner, who was visiting Tokyo after two days in Beijing.
Japan imports about 10 percent of its oil from Iran, Azumi said.
"We plan to start reducing this 10 percent share as soon as possible in a planned manner," he said.
Geithner's trip to Asia's two largest economies is part of a global lobbying effort to win support for the sanctions aimed at halting what Western governments say is Iran's effort to develop nuclear weapons. The sanctions, targeting the oil industry, would bar financial institutions from the US market if they do business with Iran's central bank.
Iran has threatened to respond to sanctions by shutting the Strait of Hormuz, a major oil transit route.
China has criticized US sanctions on Iran, approved by President Barack Obama on New Year's Eve, as improper and ineffective. China supported UN sanctions on Iran's nuclear program but says action should be multilateral.
"To place one country's domestic law above international law and press others to obey is not reasonable," Foreign Ministry spokesman Liu Weimin told reporters at a regular briefing on Wednesday.
Experts said Tokyo's move to reduce imports from Iran would likely have limited negative impact on Japan's economy as the country would probably be able to increase imports from other major oil producers such as Saudi Arabia and the United Arab Emirates.
But the sanctions - and accompanying geopolitical tension - could raise global oil prices and undermine the world economy.
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