Saudi Aramco and Japan’s Agency for Natural Resources and Energy have signed an in-principle agreement for a joint project for crude oil storage facilities in Okinawa.
“The close proximity of these facilities to major customers in Japan and Asia will provide mutual benefits,” said an Aramco statement. Saudi Aramco would have readily available crude oil supplies for its commercial customers in North and East Asia and is expected to deepen the company’s ties in the region, further strengthening Saudi Aramco’s long-standing relationship and commitment to being a reliable long-term supplier to our customers in the wider Asia region.
The project will secure storage for Arabian crudes in Japan and enhance supply reliability for Japan, giving it ready access to oil supplies from its domestic storage in the event of an emergency. By the end of 2010, Okinawa CTS Corp. in Okinawa will begin storing Saudi Aramco’s crude oil with starting volume of approximately 3.8 million barrels.
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