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Cosmo Oil Company

Cosmo Oil Company

Industry: 
Energy
Value of USG Contracts: 
308
Symbol: 
TYO:5007
Country: 
Japan
Sources: 

“Two Japanese buyers of Iranian crude, Idemitsu Kosan and Cosmo Oil, are unlikely to raise imports from the Middle Eastern country even after sanctions were eased as part of an initial deal on Tehran's disputed nuclear programme. Executives with the two refiners said on Tuesday they have no plans to increase their contract volumes following the November deal between world powers and Iran that allowed Tehran to keep oil exports at around 1 million barrels per day (bpd), about half of pre-sanction levels…At the same event, Cosmo Oil President Keizo Morikawa also said his company is unlikely to increase purchases from Iran. ‘It is unlikely we can raise volumes now because (domestic) demand is declining,’ he said, adding that it remains unclear how much it would be allowed to import under U.S. sanctions. Cosmo Oil will slightly reduce its Iranian oil imports from April, after its current annual contract expires, an industry source familiar with the matter told Reuters in November. Cosmo has cut its Iranian imports to 15,000 bpd or less in the business year through March 2014, from 40,000 bpd two years ago, industry officials have said.” (Reuters, “Japan's Idemitsu, Cosmo unlikely to raise Iranian crude imports,” 1/7/14)

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"Besides JX Nippon, Japan's top buyer of Iranian crude, Showa Shell Sekiyu KK, and Cosmo Oil have already renewed term deals to lift Iranian crude from April, industry sources have said." (The New York Times, "Japan's JX: No Problem With Paying Iran for Oil Now," 5/17/2012)

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"Iran is poised to lose at least 192,000 barrels a day of crude-supply contracts, or about 9.5 percent of its global exports, as Asian buyers curb purchases amid western sanctions targeting the nation's oil trade. Mangalore Refinery & Petrochemicals Ltd. (MRPL) and Essar Oil Ltd., India's biggest buyers of Iranian crude, and China International United Petroleum & Chemical Co. have reduced or plan to cut purchases from the Islamic Republic by as much as 15 percent. China and India are Iran's largest customers. In Japan, the only Asian country to get an exemption from U.S. sanctions after it demonstrated reductions in purchases, Cosmo Oil Co. plans to cut imports by 25 percent, while JX Nippon Oil & Energy Corp. suspended talks with the Persian Gulf nation over a 10,000 barrel-a-day contract." (Bloomberg, "Iran May Lose 9.5% of Oil Contracts as Asian Buyers Cut Imports," 5/3/12)

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"Japan's Cosmo Oil Co has renewed its annual oil purchase deal with Iran and cut the volume to comply with U.S. sanctions against the Islamic nation, trade sources said on Friday. A company spokesman declined to comment. Cosmo's new contractual volume from April onwards remained unclear. The company had already lowered its Iran crude imports to a little below 30,000 bpd from about 40,000 bpd since January, and was set to cut further from April, the sources said. Japan's top buyer of Iranian crude, Showa Shell Sekiyu KK , has already renewed its deal, industry sources have said. The contract renewal came after Iran agreed to include a clause in contract terms that released Japanese buyers from any penalty if international sanctions prevent them from taking delivery of Iranian oil, sources said." (Reuters,"Japan's Cosmo Oil renews Iran imports deal," 4/20/2012)

 

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"Japanese refiners will cut Iranian crude imports yet again in April as they shy away from renewing annual contracts, showing continued commitment to U.S.-led sanctions over Tehran's nuclear programme.  Japan, the world's third largest oil consumer, has strongly backed calls to cut Iranian oil imports and earlier reductions were hailed by its top business and military ally, the United States, as an example to other countries...JX Nippon Oil & Energy Corp, Japan's biggest oil refiner, has not renewed a contract to buy 10,000 barrels per day (bpd) of Iranian crude, which expired in March, the sources said, declining to be identified as they are not authorised to talk to the media.  Apart from JX, at least three other Japanese firms, including Idemitsu Kosan Co and Cosmo Oil Co, which together buy around 40,000 barrels per day, will not lift any Iranian crude in April, industry sources said. These three do not lift Iranian oil every month."  (Reuters, "Japan refiners deepen Iran crude import cuts,"  4/4/12)

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"JAPAN - In 2009, Iran exported about 421,000 bpd of crude to Japan. It was overtaken by Qatar, however, as Japan's third-largest crude supplier.  Many of Japan's top refiners buy Iranian crude, including Showa Shell Sekiyu (5002.T), Nippon Oil (5001.T), Japan Energy, Cosmo Oil (5007.T). Trading house Toyota Tsusho (8105.T) also has a deal to buy crude from the Islamic republic."  (Reuters, "Iran's Crude export and fuel import customers," 4/13/2010)