Mr. Yosuke Takagi, State Minister for Economy, Trade and Industry (METI) of Japan, and Abdulla Nasser Al Sweidi, Director General of Abu Dhabi National Oil Company (ADNOC) signed the new Memorandum of Cooperation (MoC) for Joint Oil Storage Project between Japan and Abu Dhabi.
Under the project, METI provides ADNOC with private crude oil tanks of approximately 6.3 million barrels in Japan, where ADNOC stores its crude oil. In case that Japan faces oil supply shortage, ADNOC gives priority to the supply to Japan with regard to its storage in Japan.
The project was launched in 2009 under a MoC for 5 years. Upon the completion of the old MoC, the new MoC extends the project period for 3 years, based on the discussion which took place in February this year.
The project enhances Japan’s energy response capacity. It is also expected to further strengthen the friendly relations between Japan and the United Arab Emirates.
Mr. Takagi is visiting Abu Dhabi from 8 to 10 November to participate in Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Source : WAM News Agency for United Arab Emirates
