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 roughly 40% 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.