Dec 10 - Saudi Aramco Sign Crude Storage Deal With JOGMEC

Source Press
Company Saudi Aramco 
Tags Pipelines/ tankers/ distribution
Date December 16, 2010

(Arab News) Japan and Saudi Arabia signed a contract on Tuesday allowing the Kingdom to store its crude for commercial use in Japan, the Embassy of Japan announced here Wednesday. Japan Oil, Gas and Metals National Corporation (JOGMEC) and  Saudi Aramco agreed on a tank-lease agreement. This is based on the basic agreement between the Agency for Natural Resources and Energy (ANRE) and  Saudi Aramco. Under the deal, Saudi Aramco will lease tanks in Okinawa with a capacity of 600,000 kiloliters (3.77 million barrels) from  Japan Oil, Gas and Metals National Corporation for three years starting December to store crude oil, Jogmec said. The project is expected to enhance energy security because it provides a priority supply for Japan in the event of an emergency situation, and strengthens the strategic friendship between Japan and the Kingdom, on which Japan depends for about 30 percent of its crude oil supplies.

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