The agreement was signed by JOGMEC and Aramco, following the renewal of the framework agreement between the Agency for Natural Resources and Energy under METI and Aramco. This joint project, which began in 2010, has since been renewed every three years.
Under the renewed agreement, JOGMEC, as the implementing body of METI’s national energy policies, leases 13 national crude oil stockpiling tanks at the Okinawa CTS Corp. base to Aramco. This enables Aramco to store approximately 8.2 million bbl of crude oil for the next three years. In the event of an emergency, Japan will be given preferential access to this stock.
For Aramco, Okinawa serves as a strategic supply hub in Asia, a region where crude oil demand continues to grow. Through this base, Aramco seeks to enhance its ability to respond to customer needs across the region.
Oil has long played a vital role in global development and remains essential to supporting people’s livelihoods. Through this cooperation, JOGMEC and Aramco will continue to strengthen their partnership, contributing both to Japan’s energy security and to a more stable energy supply in the region.