IRAN

Japan's Mitsui Buys Iranian Heavy

Japan's Mitsui has bought two cargoes of Iranian Heavy crude from Iran's NIOC, MEES understands. One cargo is apparently destined for Cosmo (the 50-50 Maruzen/ Daikyo venture set up last October) and the other for Shell-Showa. Both cargoes are being picked up at the Sirri Island terminal.

The delivered price in Japan of these Iranian Heavy cargoes is said to be around $27.55/B - roughly on a par with the current f.o.b. official price. If...