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
8 New Kwara Procurement Officers Attain Full APPON Membership
The Kwara State Public Procurement Agency has recorded another milestone in its drive to build a highly skilled…
By
Daniel Asiedu: Banking Leadership and Transformation in Africa
Daniel Asiedu has spent more than 30 years transforming financial institutions and building a reputation as one of…
New in: United Capital becomes first foreign Investment Bank to get licensed in Ethiopia
Nigerian investment banking group United Capital has secured regulatory licenses to operate in Ethiopia and Rwanda, marking a significant step in its…
Elumelu to chair Seplat Energy as company names Effiong CEO
Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has announced the appointment of renowned businessman and…
Gallery
