Japan, Aramco renew Okinawa crude oil storage contract for 3 years

Snapshot of the agreement signing

The Japan Organization for Metals and Energy Security (JOGMEC) renewed its agreement with Saudi Aramco for crude oil storage, transportation, and tank leasing.

The joint project, which began in 2010, has been renewed every 3 years since then.

Under the renewed agreement, JOGMEC — acting as the implementing body for national energy policies under the Ministry of Economy, Trade and Industry (METI) — will lease 13 national crude oil storage tanks at the CTS facility in Okinawa to Saudi Aramco, JOGMEC said in a statement.

The agreement will enable Saudi Aramco to store approximately 8.2 million barrels of crude oil over the next three years.

In the event of an emergency, Japan will be granted preferential access to this reserve, the statement said.