Tokyo: Japan will stockpile crude oil produced in the United Arab Emirates (UAE) under a bilateral agreement that stipulates Tokyo could receive emergency supplies with priority in the event of a global supply shortage.
The first crude oil shipment from Abu Dhabi will arrive in Kagoshima Prefecture in southwestern Japan on Monday. The Abu Dhabi National Oil Company leases a storage tank in Kagoshima. The capacity of the tank is 600,000 kiloliters.
The agreement, signed in June between Japan and Abu Dhabi, is the first such agreement for Tokyo.
The UAE is the second largest oil exporter to Japan after Saudi Arabia.
IANS
First Published: Sunday, December 20, 2009, 10:25