Japan Continues Crude Gas Imports from Iran

Japan’s parliament on Wednesday amended an  law for Tokyo to insure up to $7.6 billion of accidents involving importing of Iranian gas to Japan.

Japan, in need of more oil to fire power stations post-Fukushima nuclear power blast shut the country’s nuclear capacity and is in desperate condition to sustain the gas imports from Iran. EU member countries have banned the oil imports from Iran, which is taking a toll on Iran’s gas export rate. The gas imports insurances are provided mostly from European countries, with this in back ground, Japan is the first country to step up for an alternative coverage.

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