Japan Says Giving Up Iran's Oil Would Be Difficult
Source: Bloomberg.com
Excerpts:
Aug. 23 (Bloomberg) -- Finance Minister Sadakazu Tanigaki said it would be difficult for Japan to cut off Iranian oil imports should the United Nations impose sanctions against Iran for its nuclear development program.
Japan is seeking to exempt oil from economic sanctions that the UN would impose upon Iran if the country doesn't abandon the program, the Yomiuri newspaper said on Aug. 21, without saying where it got the information. Japan gets about 14 percent of its petroleum from Iran, making it the third largest supplier of oil to Japan. Iran yesterday said it is ready to hold negotiations on nuclear development.
"Given Japan's high reliance on Iran for oil, it won't be so easy for Japan's economy to stop'' importing it, Tanigaki said in a speech to the Foreign Correspondents Club of Japan in Tokyo. ``While the issue of nuclear non-proliferation is very important for Japan, securing sufficient oil supplies is in the national interest.''
Tanigaki reiterated that Japan's relations with China and South Korea have are "abnormal'' now and need to be improved. He said that Japan's friendly ties with the U.S. can't solve Japan's political issues with Asian nations.
"The Japan-U.S. alliance is a key one and should continue to be so,'' Tanigaki said. ``We certainly cannot conclude that smooth relations between Japan and the U.S. will solve all our problems.''
