Renewal of Oil Tank Lease Agreement with Saudi Aramco
Japan Oil, Gas and Metals National Corporation (JOGMEC) renewed the crude oil tank lease agreement with Saudi Aramco in the presence of the Ministry of Economy, Trade and Industry (METI) in Okinawa, Japan on December 9, 2019.
Under the agreement, JOGMEC, implementing national energy policies of METI, leases 13 national crude oil stockpiling tanks at the Okinawa CTS Corporation base to Saudi Aramco. It enables Saudi Aramco to stock approximately their 1,300,000 kiloliters crude oil for the next three years. In an emergency, Japan would be provided with these oil preferentially.
The agreement was signed by JOGMEC and Saudi Aramco based on the renewed basic agreement between Agency for Natural Resources and Energy under METI and Saudi Aramco on October 23, 2019. This tank lease project has been carried out since 2010 and has been renewed every three years.
The project contributes to energy security in Japan sustainably and strengthens the relationship with the Kingdom of Saudi Arabia which supplies more than one-third of Japan’s crude oil imports.
Singing Ceremony (right) Mr. Hidechika Koizumi, Director of Petroleum Refining and Reserve Division, METI, (middle) Mr. Ahmed M, AL Khunaini, Manager of Crude Oil Sales and Marketing Department, Saudi Aramco and（left）Mr. Tomonobu Uchida, President of JOGMEC
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