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
Hollard Ghana Opens new 50-Seat Call Centre in Accra
Hollard Ghana has inaugurated a 50-seat call centre in Accra as part of efforts to strengthen customer service…
By
New: Reckitt Nigeria Appoints Toyin Saraki, Olashore to Board
Reckitt Nigeria has appointed H.E. Mrs. Toyin Ojora Saraki and Prince Abimbola Olashore as Independent Non-Executive Directors, strengthening…
Epic: Marketsquare Marks 10 Years of Building Indigenous Retail Brand
Marketsquare has marked its 10th anniversary with reflections on its growth journey, saying the milestone underscores the potential…
Access Holdings appoints Jijji as Access ARM Pensions new CEO
Access Holdings Plc has appointed Sa’adu A. Jijji as the Managing Director and Chief Executive Officer of Access…
Gallery
