Tokyo: Okinawa's status as an oil hub is growing. Japan and Saudi Arabia this week signed a contract allowing the kingdom to store its crude for commercial use in Japan in exchange for prioritizing the supply of crude to the Asian country in an emergency, Japan's Ministry of Economy, Trade and Industry said in a statement.??Under the deal, Saudi Aramco will lease tanks in Okinawa with a total 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.??Following the deal, the maiden Saudi cargo on a VLCC will arrive in February, METI said.
Okinawa is rapidly becoming a big focus for oil giants keen to get Asian custom. Brazil's Petrobras has set up on the southern Japanese island too with a view to using the place as a hub for Asian distribution. [16/12/10]
Copyright © 2023. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
