Japan has extended state-backed insurance to cover imports of oil
from Iran, potentially allowing the country’s refiners to continue
loading crude cargoes from the Middle Eastern nation, a government
official told Reuters.
The rollover of the insurance was approved by parliament on Wednesday
and takes effect from April for one year, the official said.
While the rollover provides insurance cover for imports that Japanese
shippers cannot otherwise obtain, refiners are unlikely to load Iranian
cargoes from April unless they get a waiver from the United States on
sanctions re-imposed on Iran last year.
Japanese refiners have been pushing the government to seek an
extension of the U.S. sanctions waivers after an initial 180-day
exemption period expires in early May.
Source: Reuters (Reporting by Yuka Obayashi; writing by Aaron Sheldrick; editing by Richard Pullin)