The Japanese government has signed a memorandum for joint cooperation with its counterpart in Abu Dhabi, which will see the East Asian country storing the UAE capitals crude oil supplies.
The memorandum was signed in order to help Abu Dhabi boost its relations with Asian markets and Japan in particular in a way that ensures regular supply of crude oil to these markets in case of emergencies. The agreement is the first of its kind signed by the Government of Abu Dhabi.
The plan is set to go into operation by the final quarter of 2009. The Abu Dhabi National Oil Company will execute the project.