Japan and Saudi Aramco extend an agreement to store crude oil in Okinawa

Japan’s National Oil, Gas and Minerals Corporation (JOGMEC) said today, Thursday, that it has renewed an agreement with Saudi Aramco to store crude oil on Okinawa Island for another three years.

And she added in a statement that under the agreement, the corporation will lease 13 tanks on the island southwest of the mainland to Aramco, allowing the giant Saudi company to store about 1.3 million kiloliters of crude oil over the next three years.

In exchange for free storage space for Aramco, Japan would get priority claim on oil stocks in an emergency. The tanks lease contract has been in effect since 2010 and is renewed every three years.