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
Lagos Games Week returns to drive Nigeria’s stake in $200bn global industry
Lagos Games Week returns to the iconic National Theatre on 18–19 June with a clear ambition to position…
By
Botswana Savings Bank appointed to disburse government student allowances
The Ministry of Finance has appointed Botswana Savings Bank (BSB) to provide banking services for the disbursement of…
Sahara Power joins global council to fast-track Africa’s energy access
Sahara Power Group has been named to the prestigious Mission 300 Private Sector Council, a high-level platform launched…
PwC Survey: Tanzanian CEOs confident on local growth despite global risks
Tanzanian business leaders remain notably optimistic about their domestic economic prospects, even as they adopt a more cautious…
Gallery
