Saudi Aramco renews agreement with Japan to store crude oil in Okinawa

In the presence of the Saudi Ministry of Economy, Trade, and Industry, the Japanese National Oil, Gas, and Minerals Corporation (JOGMEC) announced recently that the Corporation and Saudi Aramco have renewed the crude oil storage agreement in Okinawa.

In a statement issued last week, the Japanese National Oil, Gas and Minerals Corporation stated that the agreement was signed by “Gogemik” and Saudi Aramco based on the renewed agreement between the Agency for Natural Resources and Energy and Aramco, noting that this joint venture began in 2010 and is renewed every three years.

Gogemek will lease 13 national crude oil storage tanks at the Okinawa base to Aramco under the terms of the agreement. Aramco will be able to store approximately 1.3 million kiloliters of crude oil over the next three years.

Moreover, it stated that in exchange for providing free storage space for Aramco, JOGMEC is given priority access to this oil in the event of an emergency.

Okinawa, which is located in Asia where the crude oil market is expanding, has become a store for Aramco, according to Japan National Oil, Gas, and Minerals Corporation.

The company aims to be able to continuously export crude to Japan.