Nikkei: Japan eyes Iran investment pact
Japan will launch talks with Iran toward an investment agreement as Tokyo moves to lift sanctions on Tehran following the conclusion of nuclear talks last month, the business daily the Nikkei says.
The decision comes after Japan’s State Minister of Economy, Trade and Industry Daishiro Yamagiwa visited Tehran this month at the head of a delegation representing 21 companies.
The Nikkei said executive from major trading houses such as Mitsubishi Corp., Mitsui & Co. and Itochu, as well as plant-engineering giant JGC and big-name banks accompanied Yamagiwa in the visit.
“Behind-the-scenes bilateral discussions have laid the groundwork for working-level talks Tokyo hopes to begin after the sanctions end,” the paper said, citing unnamed government sources.
“Japan is eager to restore amicable relations with Iran and secure stakes in resource development projects there,” the Nikkei added.
In negotiating the investment pact, Japan plans to ask that its companies be treated the same as Iranian businesses and that their investment assets be protected, the paper further said.
Iran had granted preferential rights to Japan’s state-owned Inpex Corp. to develop the country’s South Azadegan oilfield but the company withdrew from the project in 2010 due to US pressures.
Tehran also accounted for 10% of Japan’s oil imports before sanctions cut them to five percent. The Nikkei said Japan now wants to raise the purchases to the previous level.
Last month’s international nuclear accord with Iran has triggered a race between the West and the Asians for new business opportunities in the Middle Eastern country.
With a population of over 80 million, Iran sits on the world’s largest natural gas reserves and the fourth largest oil deposits.
The Nikkei said Toyo Engineering, which has built refining facilities in Iran, was looking into returning to Iran.
Nissan Motor is also eyeing Iran’s huge market, asking parts suppliers whether they can resume shipments to the country, the paper added.
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