"If we were able to continue buying Iranian oil, it would have had a positive impact on our earnings," President Atsuo Shibota said, in reference to an embargo on Tehran's exports which has forced buyers to find alternative supply.

Fuji is buying oil from the Middle East instead, Shibota told an earnings news conference, without elaborating.

The last cargo of Iranian oil arrived at its Sodegaura oil refinery on April 7.

With ships due to switch to cleaner fuels under International Maritime Organization (IMO) rules on low-sulphur shipping fuel from January 1, Fuji began shipping IMO-compliant products in October, Shibota said. .

($1 = 108.9900 yen)

(Reporting by Yuka Obayashi; editing by Jason Neely)