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FINANCIAL NEWS
Aramco inks crude storage deal with Japan
15 Dec 2010
(MENAFN) State-run Saudi Aramco revealed that it has signed a deal with State-run Japan Oil, Gas and Metals National Corp (JOGMEC), allowing it to store approximately 3.8 million barrels of crude in Okinawa, southwest Japan, for three years ending December 2013, Reuters reported.
The mentioned deal follows a contract Japan inked with Abu Dhabi National Oil Co (ADNOC) last year to store crude in the country, as Middle East oil producers move to bolster their onshore crude storage capacity in Asia, whereas Japan is aiming to stock up its reserves, officials explained.
Under the agreement, the first vessel carrying 1.9 million barrels of crude is scheduled to arrive in February of the upcoming year, or later.
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