The Japan Organization for Metals and Energy Security (JOGMEC) said on Wednesday that it has renewed a deal with Saudi Aramco 
2223 for crude oil storage on the island of Okinawa for another three years.
Under the deal, the state-run JOGMEC leases 13 national crude oil stockpiling tanks on the island southwest of mainland Japan to Aramco, enabling Saudi Arabia’s state oil producer to store about 1.3 million kilolitres of crude oil for the next three years, JOGMEC said in a statement.
In return for providing free storage space to Aramco, Japan gets preferential access to this stock in the event of an emergency.
For Aramco, Okinawa serves as a strategic supply hub in Asia, a region where crude oil demand continues to grow. Through this base, Aramco seeks to enhance its ability to respond to customer needs across the region.
The tank lease deal has been running since 2010 and has been renewed every three years.
AloJapan.com