Tokyo-Japan and Saudi Arabia have signed a contract enabling the Middle East producer to store its crude for commercial use in Japan, in exchange for prioritizing supplies to the oil- importing country in an emergency, Japan's Ministry of Economy, Trade and Industry said in a statement. Under the deal signed December 14, Saudi Aramco will lease tanks in Okinawa to store crude with a total capacity of 600,000 kiloliters (3.77 million barrels) from state- owned Japan Oil, Gas and Metals National Corporation for three years starting Decem- ber, Jogmec said. The first Saudi cargo will arrive in Okinawa on a VLCC in February, METI said.
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