Japan strengthens its position in Iran

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01 April 2001

Six Japanese trading houses are putting together a $3 billion advance credit facility to finance the import of Iranian crude oil. The disbursement of the first $1 billion instalment will go to Naftiran Intertrade, the Jersey based trade finance arm of National Iranian Oil Company (Nioc).
The money is being provided by the six trading houses that handle Japan's Iranian oil imports: Mitsui, Tomen, Mitsubishi, Itochu, Marubeni and Sumitomo. The transaction is being guaranteed by Japan Bank for International Cooperation (JBIC). The second $1 billion tranche of financing will be released in March 2002, with a further, yen-denominated, tranche following a year later.

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