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Japan will Provide Insurance to Iranian Tankers when EU Sanctions Take Effect

Oilprice.com -- Those countries still willing to import Iranian crude must find new methods of insuring the tankers before they can leave terminals in the Persian Gulf.

Japanese parliament is about to pass a bill which will allow the government to provide insurance cover up to a value of $7.6 billion for each tanker carrying Iranian crude bound for Japan. The bill will make Japan the first sovereign to provide cover once the EU sanctions take effect in July.

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Submitted Jun 18, 2012 By: NOTSOGRN

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goldrose1 Champion Author Cleveland Posts:10,925 Points:1,920,910 Joined:Feb 2005	Message Posted: Jun 21, 2012 8:26:43 PM Ignore goldrose1 Report Abuse Interesting story.
honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Jun 21, 2012 2:59:07 AM Ignore honda0105 Report Abuse Japan is in dire straights when it comes to needing energy. Having lived high on the hog and wasting lots of energy, the current generation does not want / cannot do w/out power from a plug. Time to go back to Japanese cultural roots?
sparky808 Champion Author Honolulu Posts:2,976 Points:593,835 Joined:Sep 2011	Message Posted: Jun 19, 2012 10:16:33 AM Ignore sparky808 Report Abuse Thank you for posting.
tomok Champion Author Portland Posts:32,907 Points:2,341,510 Joined:Aug 2006	Message Posted: Jun 19, 2012 1:08:59 AM Ignore tomok Report Abuse Provide Insurance? - what a country will do to buy crude oil and get it delivered to their country. With the loss of nuclear power in Japan, the Japanese will get their energy from anybody. And, the Japanese does not care what the world thinks of that either. Whether there are Sanctions or Not, people and countries will do what they want! Is it time to change Japanese minds? Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe and reliable, has a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost, if possible. The price of fuel at the pump is too high! 12/22/2012!
Amtrgas Champion Author Oakland Posts:2,678 Points:1,617,220 Joined:Dec 2007	Message Posted: Jun 18, 2012 11:16:10 PM Ignore Amtrgas Report Abuse When you need fuel, you will back anyone.
10k Champion Author North Carolina Posts:21,217 Points:2,250,020 Joined:May 2006	Message Posted: Jun 18, 2012 9:46:42 PM Ignore 10k Report Abuse all the more reason to DHAN..
Dodge_Me Champion Author Atlanta Posts:2,214 Points:552,480 Joined:Mar 2006	Message Posted: Jun 18, 2012 9:15:37 PM Ignore Dodge_Me Report Abuse Not Cool
Mustache_33 All-Star Author Toronto Posts:900 Points:181,455 Joined:May 2012	Message Posted: Jun 18, 2012 9:01:40 PM Ignore Mustache_33 Report Abuse hmm
tidalwave3 Champion Author Tallahassee Posts:1,292 Points:1,459,160 Joined:Jun 2008	Message Posted: Jun 18, 2012 8:59:07 PM Ignore tidalwave3 Report Abuse This is why US needs it's own independence from Mis East oil
Dodge_Me Champion Author Atlanta Posts:2,214 Points:552,480 Joined:Mar 2006	Message Posted: Jun 18, 2012 8:57:56 PM Ignore Dodge_Me Report Abuse HUH
carloco75 Champion Author Richmond Posts:3,699 Points:596,465 Joined:Oct 2010	Message Posted: Jun 18, 2012 8:54:02 PM Ignore carloco75 Report Abuse Wow...major....
Eugenian Champion Author Oregon Posts:1,842 Points:358,130 Joined:Oct 2009	Message Posted: Jun 18, 2012 8:50:49 PM Ignore Eugenian Report Abuse This is why dependence on oil is so dangerous; it forces nations to make deals with devils. (The U.S. has long done so with various brutal regimes in the Middle East.)
mplato Champion Author Columbia Posts:8,229 Points:1,811,270 Joined:Jun 2004	Message Posted: Jun 18, 2012 8:47:09 PM Ignore mplato Report Abuse Japan still needs oil....and hoping its iranian oil
WIPACKERFAN Champion Author Chicago Posts:8,779 Points:1,838,475 Joined:Aug 2005	Message Posted: Jun 18, 2012 8:45:29 PM Ignore WIPACKERFAN Report Abuse Good for them.
flyfast Champion Author Kansas City Posts:9,228 Points:1,821,060 Joined:Jan 2008	Message Posted: Jun 18, 2012 8:41:12 PM Ignore flyfast Report Abuse TOOOO BAD
JagXKR Champion Author British Columbia Posts:3,134 Points:1,086,855 Joined:Dec 2009	Message Posted: Jun 18, 2012 8:40:40 PM Ignore JagXKR Report Abuse Japan is a xenophobic society that I do not care about one tiny bit. Most people don't know that they are projected to have their population decrease from 127 million down to 100 million by 2050 due to their xenophobic immigration policy. They believe that mixing their "perfect" race is a crime and they are not allowing any mixing of their race. They did not learn anything from being nuked to submission in 1945, maybe they need another lesson. Just saying.
IUVidiot Champion Author Indiana Posts:3,565 Points:704,460 Joined:Jun 2011	Message Posted: Jun 18, 2012 8:38:56 PM Ignore IUVidiot Report Abuse ok
firefly09 Champion Author San Diego Posts:2,478 Points:712,720 Joined:Mar 2009	Message Posted: Jun 18, 2012 8:32:59 PM Ignore firefly09 Report Abuse Okay.
wayoung56 Champion Author Alabama Posts:2,780 Points:814,335 Joined:Oct 2006	Message Posted: Jun 18, 2012 8:29:50 PM Ignore wayoung56 Report Abuse Countries with no oil have to do what it takes to get their supplies...
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Jun 18, 2012 8:24:28 PM Ignore tippybuddy Report Abuse whatever
blazerbob91 Champion Author Milwaukee Posts:6,122 Points:1,879,630 Joined:Aug 2005	Message Posted: Jun 18, 2012 8:22:53 PM Ignore blazerbob91 Report Abuse Somebody has to buy the oil.
grn7stars Rookie Author Washington Posts:36 Points:163,075 Joined:Jun 2012	Message Posted: Jun 18, 2012 8:22:31 PM Ignore grn7stars Report Abuse ok
abcdMA Champion Author Worcester Posts:7,902 Points:1,570,980 Joined:Nov 2008	Message Posted: Jun 18, 2012 8:17:21 PM Ignore abcdMA Report Abuse some ally
habhday Rookie Author Tacoma Posts:34 Points:7,080 Joined:Jun 2012	Message Posted: Jun 18, 2012 8:16:50 PM Ignore habhday Report Abuse Part of EU sanctions intended to restrict Iranian oil import revenues in an attempt to exert economic pressure on the country over its controversial nuclear development program. If we don't remember who are enemies are,we are doomed in defending ourselves if and when they attack.
cutter1330 Champion Author Oklahoma Posts:8,010 Points:1,689,140 Joined:Jul 2005	Message Posted: Jun 18, 2012 8:16:42 PM Ignore cutter1330 Report Abuse Who cares Japan looking out for Japan. Obama SHOULD do the same for the US.
Nicitok All-Star Author Virginia Posts:609 Points:309,190 Joined:Jan 2010	Message Posted: Jun 18, 2012 8:16:01 PM Ignore Nicitok Report Abuse Good reason not to buy a Jap car.
dky63 Veteran Author Illinois Posts:417 Points:166,965 Joined:Apr 2011	Message Posted: Jun 18, 2012 8:14:48 PM Ignore dky63 Report Abuse ok
drz614 Champion Author Harrisburg Posts:2,279 Points:593,620 Joined:Aug 2011	Message Posted: Jun 18, 2012 8:14:25 PM Ignore drz614 Report Abuse interesting response from knot2swift. i agree with you, let the polluters of the world stand on their own. by your response i assume u will be all over those countries who are the worst polluters and not ask the west to ratchet their efforts to compensate.
listerone Champion Author Boston Posts:3,360 Points:874,015 Joined:Aug 2008	Message Posted: Jun 18, 2012 8:14:17 PM Ignore listerone Report Abuse Are you sure you want to befriend Iran,Mr Japanese Prime Minister???
NedW Champion Author Indianapolis Posts:5,589 Points:1,137,420 Joined:Mar 2008	Message Posted: Jun 18, 2012 8:10:26 PM Ignore NedW Report Abuse Is there money in that?
rf6480 Champion Author Miami Posts:1,528 Points:544,385 Joined:Mar 2011	Message Posted: Jun 18, 2012 8:09:28 PM Ignore rf6480 Report Abuse next up sanctions against Japan. WW3 coming soon
serrog Champion Author Nova Scotia Posts:5,544 Points:1,508,130 Joined:Oct 2008	Message Posted: Jun 18, 2012 8:04:36 PM Ignore serrog Report Abuse good
PoohMcGoo Champion Author Alabama Posts:3,062 Points:796,610 Joined:Dec 2010	Message Posted: Jun 18, 2012 8:02:31 PM Ignore PoohMcGoo Report Abuse So we fund the pirates now to take over Iranian ships?lol
knot2swift Champion Author Calgary Posts:4,372 Points:695,085 Joined:Nov 2009	Message Posted: Jun 18, 2012 8:00:06 PM Ignore knot2swift Report Abuse I see a lot of stupid replies here. I wish to make one thing perfectly clear to all you idiots here. "At the end of the day, we all have to look out for our best interests and our own selves" Why would the Japanese feel any differently about themselves as we do about ourselves. Simply sucks that it's a "Dog eat Dog" world.
Is246 Champion Author Albuquerque Posts:1,005 Points:424,880 Joined:Apr 2011	Message Posted: Jun 18, 2012 7:59:55 PM Ignore Is246 Report Abuse NO, dont do it!
SUSANCK Champion Author Chicago Posts:3,622 Points:704,555 Joined:Apr 2011	Message Posted: Jun 18, 2012 7:55:33 PM Ignore SUSANCK Report Abuse Ouch!
clermont40miles Champion Author Cincinnati Posts:10,543 Points:1,767,935 Joined:Apr 2008	Message Posted: Jun 18, 2012 7:55:24 PM Ignore clermont40miles Report Abuse Let's hope Japan suffers catastrophic loss as they see the tankers go up in smoke. Oops. Sanctions never work. Diplomatic pablum. Wiggle words.
itsjustme719 All-Star Author Hamilton Posts:611 Points:596,100 Joined:Dec 2010	Message Posted: Jun 18, 2012 7:53:01 PM Ignore itsjustme719 Report Abuse Okay.
EmperorsFinest Champion Author Chicago Posts:1,564 Points:340,870 Joined:Jul 2011	Message Posted: Jun 18, 2012 7:52:31 PM Ignore EmperorsFinest Report Abuse Screw Japan and Iran
JENNYHK Champion Author Chicago Posts:3,616 Points:708,570 Joined:Apr 2011	Message Posted: Jun 18, 2012 7:51:48 PM Ignore JENNYHK Report Abuse Remember December 7th.
RAKARWOWSKI Champion Author Chicago Posts:3,975 Points:816,050 Joined:Jan 2011	Message Posted: Jun 18, 2012 7:48:52 PM Ignore RAKARWOWSKI Report Abuse TORA TORA TORA!!!
whaboush Champion Author Richmond Posts:1,233 Points:727,660 Joined:Nov 2010	Message Posted: Jun 18, 2012 7:45:27 PM Ignore whaboush Report Abuse WTF Japan?
carman11 Champion Author North Carolina Posts:3,308 Points:686,750 Joined:Jun 2011	Message Posted: Jun 18, 2012 7:45:18 PM Ignore carman11 Report Abuse NOW THAT SOUNDS JUST REAL CRUDE.
carpenter4u Champion Author Virginia Posts:2,431 Points:612,320 Joined:Jul 2011	Message Posted: Jun 18, 2012 7:42:51 PM Ignore carpenter4u Report Abuse The Dam has a crack in it
RAKARWOWSKI Champion Author Chicago Posts:3,975 Points:816,050 Joined:Jan 2011	Message Posted: Jun 18, 2012 7:42:10 PM Ignore RAKARWOWSKI Report Abuse Bad Japan.
FrankTA2 Champion Author New York Posts:4,279 Points:1,090,805 Joined:Jun 2007	Message Posted: Jun 18, 2012 7:41:49 PM Ignore FrankTA2 Report Abuse I hope we are not still selling oil to Japan.
Kaiyne Champion Author Chicago Posts:2,314 Points:467,740 Joined:Feb 2011	Message Posted: Jun 18, 2012 7:38:41 PM Ignore Kaiyne Report Abuse WHTA!?!
sillywagon Champion Author New York Posts:14,849 Points:1,436,370 Joined:Oct 2008	Message Posted: Jun 18, 2012 7:37:29 PM Ignore sillywagon Report Abuse Because Japan doesn't want to purchase electricity from it's corrupt domestic producer of nuclear power, Japan will now purchase crude oil from the corrupt Iranian regime pursuing nuclear weapons... so they can use them to bring back the 12th Imann.
OGW Champion Author London Posts:5,324 Points:1,529,650 Joined:Sep 2005	Message Posted: Jun 18, 2012 7:36:27 PM Ignore OGW Report Abuse The Japanese are in an energy squeeze these days. Oil is better than coal any day.
RevDrCBJ Veteran Author Ann Arbor Posts:363 Points:187,010 Joined:Jul 2011	Message Posted: Jun 18, 2012 7:35:16 PM Ignore RevDrCBJ Report Abuse Hmmm. Oil rules again.