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Japan working to offset Iranian crude

TOKYO, Feb. 22 (UPI) -- The Japanese government has an understanding with Washington about purchasing crude oil from the sanction-strapped Iran, an official said.

U.S. and European governments have targeted Iran's energy sector with economic sanctions as punishment for Iran not fully disclosing information about its nuclear program.

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Tehran insists the program is for peaceful purposes, though Western adversaries say it's geared toward development of a nuclear weapon.

Japanese Foreign Minister Koichiro Gemba said Tokyo hasn't agreed on specific volumes regarding proposals to cut Iranian crude oil imports.

"We have not yet reached an agreement in principle, although we have deepened mutual understanding (with Washington)," he was quoted by the Platts news service as saying.

A Japanese news agency reported that Tokyo agreed to an 11 percent cut in Iranian crude oil imports.

Washington is pressing its Asian allies to cut Iranian crude oil imports in exchange for an exemption from economic sanctions regarding financial activity with Tehran.

Japan has looked to balance its energy sector with oil and natural gas to offset the loss of nuclear capacity following last year's meltdown at the Fukushima Daiichi nuclear power plant.

South Korea recently won assurances from Saudi Arabia that it would get by without Iranian crude.

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