Saudi Aramco and Japan Oil, Gas and Metals National Corp have signed a contract to extend a crude oil storage deal.
The three year extension means that Saudi Aramco can store up to 6.3 million barrels of crude oil on the island of Okinawa. Reuters reports that the amount is the same as the previous three-year-deal, which runs out at the end of January.
In return for providing free storage space to Saudi Aramco, Japan gets a priority claim on the oil stocks in an emergency. Saudi Aramco have used the facility to supply oil to China, Japan and South Korea.
Japan has a similar storage deal with the Abu Dhabi National Oil Co.