Saudi Aramco and the Japanese government are on the verge of agreeing a two million barrel expansion of crude storage capacity in Okinawa.
According to Reuters, Saudi Aramco and Abu Dhabi National Oil Company each store up to 6.3 million barrels of crude oil in Okinawa.
In return for providing free storage space, Japan gets priority claim on the stockpiles in the case of an emergency.
Saudi Aramco CEO Amin Nasser told reporters at a press conference: ‘It would be in the best interest for Saudi Aramco and Japan to increase the capacity. We are looking at a couple of million barrels more than what we have now.’
The company has also signed memorandums of understand on business corporation in Tokyo with Japanese companies including three major banking groups.