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Shell still buying Iranian crude

Screen Shot 2015-01-06 at 10.42.47Reuters: Tuesday, Jan 06, 2015

TOKYO – Two of Japan’s biggest buyers of Iranian crude, JX Nippon Oil & Energy Corp and Showa Shell Sekiyu KK, are set to keep their purchases from Tehran largely steady in 2015, their top officials said on Tuesday.

Japanese refiners have been making decisions about how much Iranian crude to buy after consulting with the government on how much they are allowed under Western sanctions on Iran.

Iran and Western world powers failed in November to meet a self-imposed deadline to resolve the standoff over Tehran’s nuclear ambitions, extending talks for seven more months and allowing the Islamic republic to keep exports at about 1 million bpd, down by more than half from 2012 levels.

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