A collaboration that contributes to Japan’s energy security.
The Okinawa project is a practical collaboration between Japan and Saudi Aramco with mutually beneficial objectives.
Under the agreement, Saudi Aramco leases crude oil tanks from JOGMEC(Japan Oil, Gas and Metals National Corporation) to store crude oil – ready to market to Pacific Rim countries from a much closer location. In exchange for providing the storage space, Japan receives priority for buying the whole crude in the tanks in the event of an unexpected shortage.
The capacity has increased by 1.9 million barrels to 8.2 million barrels in September 2017.
Saudi Aramco accounts for over a third of Japan’s total crude oil imports, making it the ideal partner to provide an immediate supply.
The project further strengthens the relationship between the Kingdom of Saudi Arabia and Japan, one of its most important strategic trading partners.
Photo by: Okinawa CTS Corporation
- Coral reef around Minna Island, Okinawa
Our contribution to Okinawa
Okinawa, the southernmost prefecture of Japan consisting of hundreds of islands, is unique. It has long served as the pivotal bridge linking Northeast Asia with the rest of the world, and today, Okinawa again is a significant bridge connecting Saudi Aramco with the Asian region.