Iran's Nuclear program: What's in it for Japan?

July 6, 2015

Influence of Iran's nuclear program on Japan

http://www3.nhk.or.jp/nhkworld/english/news/20150707_03.html

Jul. 6, 2015 - Updated 23:27 UTC+2

World powers are working on the issue of Iran's nuclear program. Japan has high hopes for a resolution, as Iran could be a stable source of crude oil and a large potential market for Japanese companies.

Iran was once one of the main exporters of crude oil to Japan, and has the world's 4th largest reserves.

But European countries and the United States tightened economic sanctions against Iran, prompting Tokyo to withdraw from a project to develop Iran's Azadegan oil field. The field has one of the largest deposits in the Middle East.

Japan has cut crude oil imports from Iran by over half in the past 5 years.

In response to the sanctions, Iran threatened to close the Strait of Hormuz at the mouth of the Persian Gulf, the world's most important route for crude oil shipments.
This prompted crude oil prices to rise and gasoline prices to jump in Japan.

Resolving the nuclear issue may also pave the way for Japanese firms to enter Iran's market, which has 78 million consumers and rich resources.