Japan refiners eye force majeure clause for Iran contracts

By REUTERS
March 2, 2012 09:44

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

TOKYO - Japanese buyers of Iran crude may ask Tehran to include a force majeure clause in contracts if they are unable to pay Iran or lift Iranian oil due to lack of insurance cover for tankers under European Union sanctions , industry sources said on Friday.

Some oil refiners are set to demand the clause when they start negotiations for term contracts that start from April to avoid unexpected difficulties in lifting Iranian oil, the sources said.

Japan's main shipping insurer will only be able to provide a fraction of the coverage to tankers transporting Iranian oil under new EU sanctions starting in July, and sources say that Japanese shipping firms would likely find it hard to carry crude from Iran unless the issue is resolved by then.

New Western sanctions imposed on Iran to punish it for its suspected nuclear weapons program have hampered traders' ability to do business with Tehran.

Japan, Iran's third biggest crude oil customer, is looking to reduce its dependence on the OPEC member due to pressure from the EU and the United States.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
November 14, 2018
Rouhani says U.S. will be defeated, chose wrong path on sanctions

By REUTERS