Saudi Aramco signs Japan crude storage agreement

15 June 2010

State oil firm Saudi Aramco has signed a deal with Japan's trade ministry to store 3.8 million barrels of crude oil in Japan, giving the firm better access to Asian markets, Reuters has reported. Under the agreement, crude will start arriving later this year at the Okinawa Oil Base (OCC), the ministry said. The deal follows an agreement signed last year by Abu Dhabi National Oil (Adnoc) with Japan to store crude in the country, as Middle East oil producers attempt to boost their onshore crude storage capacity in Asia.

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