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Abu Dhabi, Japan sign memo for crude oil storage in Japan
ABU DHABI—The Governments of Abu Dhabi and Japan signed today a memorandum for joint cooperation under which Abu Dhabi will store its crude oil in Japan.
Abu Government was represented in the signing of the memo by the Supreme Petroleum Council (SPC), while the Agency
for Natural Resources and Energy acted on behalf of Japan. The memo, the first one inked by the Government of Abu Dhabi in this field, will help Abu Dhabi boost its relations with Asian markets and Japan in particular in a way that ensures regular supply of crude oil to these markets in case of emergencies. The initiative stems out of Abu Dhabi’s strategic plan and instructions of its wise leadership.
The plan is set to go into operation by the final quarter of the current year. Abu Dhabi National Oil Company (ADNOC) will execute and follow up the vital project. The initiative, which was released by Abu Dhabi early this year, has been well received by Japan.
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