- Iranians holding Ashura mourning for Imam Hussein
- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, September 2 - With Japanese companies looking at upstream tender opportunities in Iran, Japan's Ministry of Economy, Trade and Industry (METI) says it has requested an 11% hike in its budget for acquiring exploration and upstream development-stage assets in fiscal 2018-19.
TEHRAN, Young Journalists Club (YJC) - A ministry official, quoted by Platts, said METI has asked for a $552.8 million budget for exploration and upstream oil and natural gas assets.
Besides Iran, Japanese companies are also considering explorations and surveys in Russia, as well as studying US shale assets, the official said.
Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor has said Japan’s Inpex was among the major companies which have expressed a desire to participate in the tender to develop Iran’s massive Azadegan oil field.
The largest Japanese upstream company announced in May that it would consider bidding for Azadegan and its executives have met “many times” with NIOC officials to discuss the project.
“They asked us how they could find a foreign operator, so we advised them to negotiate with major European companies with high technology,” Kardor said in a recent interview with Kyodo News.
“Azadegan is a huge oil field. We certainly need new technology introduced by foreign firms. Forming a consortium would be better for both sides,” he added.
Iran had granted preferential rights to Inpex to develop South Azadegan but the company withdrew from the project in 2010 due to US pressures.
In July, NIOC signed an MoU with Japan’s engineering group Toyo to revamp facilities and upgrade recovery at the Salman gas field in the Persian Gulf.
The Japanese have a well-established background in Iran’s petrochemicals, having built the Bandar Imam complex in Mahshahr. They have also shown interest in Iran’s LNG plans.
In February 2016, Japan signed a bilateral investment treaty and an agreement for a $10 billion debt guarantee for Iran after Tehran reached a nuclear accord with the US, EU, China and Russia.
Petroleum and other energy sectors are viewed as a key target of the Japanese investment, with the debt guarantee allowing its companies to invest without significant risk.
Iran continues to be Japan's third-largest oil supplier after Saudi Arabia and the UAE.
Trade balance has historically been in Iran's favor, where Japan's foreign policy toward Tehran has been directed toward its thirst for stable and reliable energy supplies.
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