Japan, Abu Dhabi agree on crude oil stockpiling+

TOKYO, June 25 Kyodo -
Japan and Abu Dhabi agreed Thursday to stockpile in Kagoshima Prefecture crude
oil produced by the emirate, stepping up their strategic partnership, the
Japanese government said.
The move is expected to help Abu Dhabi, one of the United Arab Emirates, to
build a closer relationship with the East Asian energy market while improving
Japan's energy security by allowing it to secure oil during supply shortfalls,
the Ministry of Economy, Trade and Industry said.
With the agreement, Nippon Oil Corp., a leading wholesaler in Japan, will
stockpile crude oil produced by Abu Dhabi National Oil Co. at its storage base
in Kagoshima, southwestern Japan.
The first allotment of around 600,000 kiloliters of oil will arrive in Japan
this fall. The amount almost matches the country's daily use, the ministry
said.
Abu Dhabi supplies nearly 40 percent of Japan's oil imports, it said.
==Kyodo
2009-06-25 21:24:21