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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: NOW	7/13/2007 2:45:51 PM
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Iran Asks Japan to Pay Yen for All Oil, Starting Immediately Print By Megumi Yamanaka - Bloomberg Jul/13/2007 July 13 (Bloomberg) -- Iran asked Japanese refiners to switch to the yen to pay for all crude oil purchases, to counter the risk that U.S. dollar transfers may be frozen by increased sanctions. Iran wants yen-based transactions "for any/all of your forthcoming Iranian crude oil liftings,'' according to a letter sent to Japanese refiners that was signed by Ali A. Arshi, general manager of crude oil marketing and exports in Tehran at the National Iranian Oil Co. The request is for all shipments "effective immediately,'' according to the letter, dated July 10 and obtained by Bloomberg News. At stake are payments from Japanese refiners to Iran that rose 12 percent last year to 1.24 trillion yen ($10.1 billion), according to the finance ministry in Tokyo. Iran is Japan's third-largest oil supplier, behind Saudi Arabia and the United Arab Emirates. A spokesman for Iran's oil ministry in Tehran said he could neither confirm nor deny that the letter had been sent. Most Japanese oil refiners have until now used U.S. dollars to pay Iran for oil, said the spokesman, who declined to be identified by name because of government policy. sandersresearch.com

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