Japan renews crude storage deal with Saudi Arabia

TOKYO, November 21, 2025 – The Japan Organization for Metals and Energy Security (Jogmec) has extended its crude oil storage agreement with Saudi Aramco for an additional three years to bolster emergency supply security for Japan, Argus reported on Thursday.

Under the agreement, Jogmec will lease 13 storage tanks in Okinawa prefecture to Aramco at no charge under the condition that Aramco supply the stored oil to Japan with priority in the event of an emergency. Aramco can also use the storage infrastructure as a supply hub for Asian markets.

The agency pays fees to utilise tanks owned by domestic refiners Eneos and Cosmo Oil at the storage terminal for a total capacity of 8.2 million barrels.

The storage arrangement was first signed in 2010 and has been renewed every three years since. The current extension was signed on November 12, 2025, and made public on November 19.

State-run Jogmec was formed in 2004 to integrate the functions of the former Japan National Oil Corporation, which was responsible for securing supplies of oil and natural gas for Japan, and the former Metal Mining Agency of Japan, responsible for supplies of nonferrous metal and mineral resources.

Saudi Aramco is the world’s largest oil company and a key supplier of hydrocarbons to Asia. The company accounts for roughly 40% of Japan’s oil imports and collaborates with domestic firms under refining and storage partnerships.

Photo courtesy of Saudi Aramco

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