Aramco rents Japanese oil storage-facilities

13 Mar 2011

(MENAFN) Saudi Aramco’s vice president of marketing and supply said that the company would rent storage tanks from Japan Oil, Gas and Metals National Corporation, reported Arabian Oil and Gas.

The new deal comes as a result of a previous one inked with Japan’s Agency for Natural Resources and Energy for a joint project that permits Aramco to use oil storage facilities in Okinawa.

By the new agreement, Aramco would store around 3.8 million barrels of crude, starting from the current quarter.

It is worth noting that Aramco is a state-owned national oil company of Saudi Arabia. The company was ranked the world’s most valuable company back in 2006.

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