OREANDA-NEWS. February 19, 2014. Saudi Aramco and the Japan Oil, Gas and Metals National Corporation (JOGMEC) recently signed agreements on the renewal of the Okinawa commercial crude oil storage for an additional three years.

In return for offering Saudi Aramco free storage tank capacity in Okinawa, Japan gets a priority claim on buying the crude in the tanks in the event of supply emergency. The total capacity of the leased crude oil tanks is increased by 1.3 million barrels to reach 6.3 million barrels.

The project will further strengthen the relationship between the Kingdom and Pacific Rim countries, including Japan, whose crude oil import from the Kingdom accounts for 30 percent of its total crude oil import.

The parties were represented by (from left to right) president Hirobumi Kawano, JOGMEC, Japan State Minister of Economy, Trade and Industry Midori Matsushima and executive director of Marketing Supply and Joint Venture Coordination Ahmed A. Al-Subaey, Saudi Aramco.