Saudi to store 'millions of oil barrels' in Japan
Luanda, December 22, 2009
Saudi Arabia has signed a deal to store 'millions of barrels' of oil in commerical storage in Japan, Saudi Arabian Oil Minister Ali al-Naimi said on Tuesday.
'Asia will be a huge market and this will be a big take off,' Naimi told reporters ahead of an Opec meeting.
He said state oil company Saudi Aramco had been offered the commercial storage for no charge. When asked for details of how the deal had been agreed, Naimi said: 'Through good negotiations.'-Reuters
More Energy, Oil & Gas Stories
- Qatar ready to invest in Turkey power project
- Asia gasoline margins set to plunge in 2014
- Egypt signs oil exploration deals with foreign firms
- Eaton appoints new Mideast GM
- Sustainable energy ‘should be top priority’
- Bapco achieves safety milestone
- Iran, Iraq put Opec on notice of big oil increases
- Iraq, Kurds close to deal on oil exports, revenue
- Kuwait refinery signs up Honeywell
- Alstom to set up Saudi power generation JV