Tank Lease Agreement for Crude reaches with Saudi Arabian Oil Company
Japan Oil, Gas and Metals National Corporation (hereinafter "JOGMEC", President: Hirobumi Kawano) is pleased to announce that it has reached the tank lease agreement for crude with Saudi Arabian Oil Company (hereinafter "Saudi Aramco") at Dhahran, Kingdom of Saudi Arabia, based on the basic agreement between Agency for Natural Resources and Energy in the Ministry of Economy, Trade and Industry (hereinafter "ANRE"), Japan and Saudi Aramco on 14th June, 2010.
In accordance with this agreement, JOGMEC, functioning as a management body of ANRE will take a lease of a part of crude oil tanks located at Okinawa CTS Corporation, and sublease tanks for Saudi Aramco to reserve Saudi Aramco's Crude.
The first vessel for discharging is scheduled to be at Okinawa (approx 300,000KL) around February next year.
This project will contribute to the stability of energy security of Japan and furtherance of strong relationship with Kingdom of Saudi Arabia, one of major crude oil suppliers for an estimated 30% of total amount of crude oil imported to Japan.
(1) Period ：December 2010 ～ December 2013 (3 Years)
(2) Quantity ：approx. 600,000KL
(1) Date ：December 14th, 2010
(2) Signed by：Dawood M.Al-Dawood, Vice President, Saudi Aramco
Fumiaki Fujita, Executive Vice President, JOGMEC
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