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Aramco to start storing crude in Japan as planned

Tokyo, February 15, 2011

State-run Saudi Aramco will start storing crude oil in Japan this month as scheduled, with the first ship carrying about 1.9 million barrels of crude set to arrive on February 23, state-run Japan Oil, Gas and Metals National Corp (Jogmec) said on Tuesday.

The move is aimed at helping Japan stock up its reserves while giving Saudi Arabia, the top oil exporter, better access to Asian markets.

Jogmec and Saudi Aramco signed a contract in December allowing the firm to store about 600,000 kilolitres (3.8 million barrels) of crude in Okinawa, southwest Japan, for three years.

The move follows a deal Japan inked with Abu Dhabi National Oil Co (Adnoc) two years ago to store crude in Japan, as Middle East oil producers move to bolster their onshore crude storage capacity in Asia.-Reuters

Tags: Saudi Aramco | Japan | fuel | crude oil storage |

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