A collaboration between Saudi Aramco and Japan that also benefits Korea.
The Okinawa project is a practical collaboration between Japan and Saudi Aramco. Under the agreement, Saudi Aramco leases crude oil tanks from JOGMEC to store crude oil, ready to supply energy to Japan, Korea and China.
In exchange for providing the storage space, Japan receives priority for buying up to half the crude in the tanks in the event of a shortage.
The lease is a three year agreement, ending in 2016, and follows on from a previous agreement which ended in 2013. The new lease sees Saudi Aramco expand their storage capacity in Japan’s Okinawa tanks from 5 million barrels to 6.3 million barrels – an increase of 25%.
Photo by: Okinawa CTS Corporation