Japan, Saudi Aramco extend Okinawa crude storage deal
Japan Organization for Metals and Energy Security (JOGMEC) has renewed a deal with Saudi Aramco for crude oil storage on the island of Okinawa for another three years, the state-run Japanese company said on Thursday.
Under the agreement, JOGMEC leases 13 national crude oil stockpiling tanks on the island southwest of mainland Japan to Aramco, enabling Saudi Arabia’s state oil producer to store about 1.3 million kilolitres of crude oil for the next three years, JOGMEC said in a statement.
In return for providing free storage space to Saudi Aramco, Japan gets a priority claim on the oil stocks in an emergency.
The tank lease deal has been running since 2010 and has been renewed every three years.
Source: Reuters
Related Posts
Sidney Wafula to assume role of BAT Kenya Managing Director in June
British American Tobacco (BAT) Kenya has unveiled a key executive shake-up as part of its succession strategy, naming…
By
Solar Africa’s David McDonald outlines realities of South Africa’s energy market
As South Africa’s energy sector continues its post-loadshedding evolution, optimism abounds at high-level discussions, but on-the-ground realities tell…
MTN Nigeria reports ₦5.2trn in service revenue for FY 2025
MTN Nigeria Communications Plc has released its audited financial results for the year ended December 31, 2025, reporting…
Risper Genga Ohaga appointed as APA Apollo Group CEO
East African Breweries Limited (EABL) Chief Financial Officer Risper Genga Ohaga has been named Group Chief Executive Officer…
Gallery
