Ministry of Economy, Trade and Industry
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Agency for Natural Resources and EnergyContinuation of the Joint Oil Storage Project between Japan and Abu Dhabi-Toward the strong promotion of the oil storage project with oil producing countries-

On November 9, 2014, H.E. Mr. Yosuke Takagi, State Minister of Economy, Trade and Industry, and H.E. Mr. Abdulla Nasser Al Suweidi, member of Abu Dhabi Supreme Petroleum Council (SPC), concluded a Memorandum of Cooperation (MOC) on Continuation of the Joint Oil Storage Project between Japan and Abu Dhabi in Abu Dhabi, United Arab Emirates.

1. Outline of the signing ceremony

State Minister Takagi and H.E. Al Suweidi signed the MOC to renew the existing joint oil storage project between Japan and Abu Dhabi, on the occasion of a visit of State Minister Takagi to Abu Dhabi to attend the International Petroleum Exhibition and Conference (ADIPEC). The signing ceremony was held with people involved from SPC and the Abu Dhabi National Oil Company (ADNOC) with officials from the Government of Japan attending.

2. Outline of the project

The project was launched in June 2009 under a five-year contract, in response to a proposal offered by the Abu Dhabi side in the same year. Under the project, METI leases domestic private crude oil storage tanks at the Kiire base of JX Nippon Oil & Energy Corporation, with support from the Government of Japan, and ADNOC provides a priority supply of stockpiled crude oil in the tanks for Japan in case Japan’s oil supply becomes insufficient, while making use of the tanks as the company’s transshipment and oil-stockpiling base for East Asia. This project contributes to enhancing the relationship between Japan and Abu Dhabi, on which Japan depends for about 23% of its imports of crude oil, and also strengthens Japan’s ability to respond to crises.

The renewed MOC includes the official agreement to extend the project, which has been conducted for five years, Japan’s lease of such oil storage tanks with a capacity of up to about 6.30 million barrels (1 million KL), based on the statement made by Prime Minister Abe in February 2014 in response to a request from Abu Dhabi, and other agreements.

Signing ceremony of the MOC

Release date

November 10, 2014

Division in charge

Petroleum Refining and Reserve Division, Agency for Natural Resources and Energy

Ministry of Economy, Trade and Industry
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