Aramco Storage Deal To Increase Crude Stockpiles

摘要

BMI View: Japan's deal with Aramco will allow the country to increase the utilisation of its oil storage facilities, and will give the Saudi company greater access to oil storage in the lucrative Asian market. Japan has signed a deal with Saudi Aramco allowing the staterun Saudi Arabian company to store crude oil on the southern archipelago-province of Okinawa. The deal follows a similar agreement with Abu Dhabi in mid-2009. Faced with declining oil demand, Japan has a rising surplus of storage capacity, allowing it to use storage deals to increase utilisation while improving energy security.