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Saudi Aramco to fill 8.18 mil barrels at Okinawa crude oil storage by Sep 13

  • Commodity Oil

Tokyo — Saudi Aramco is now expected to fill its maximum leased crude storage capacity of 8.18 million barrels on September 13 after the receipt of a VLCC at a crude storage terminal at Okinawa in southwestern Japan, a source at the Ministry of Economy Trade and Industry said on Monday.

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Saudi Aramco has received a fully loaded VLCC overnight at a crude storage terminal at Okinawa and is getting its cargo discharged from Monday morning, a source familiar with the matter told S&P Global Platts.

The Hilwah from Ras Tanura in Saudi Arabia is currently at the Okinawa oil jetty, according to Platts trade flow software cFlow.

Saudi Aramco is filling up Saudi crude to its maximum leased capacity of 8.18 million barrels, up from 6.29 million barrels earlier as it is bringing 300,000 kiloliters, or 1.89 million barrels, on the VLCC, following a number of government and governmental agencies agreements since October last year, the METI source said.

Under the latest agreement between Saudi Aramco and state-owned Japan Oil, Gas and Metals National Corp., Saudi Aramco can use three more 100,000-kl storage tanks at Jogmec's terminal in Okinawa for commercial use.

The agreement allows Saudi Aramco to use the storage capacity at Okinawa free of charge for commercial use in exchange of prioritizing crude supplies to Japan in an emergency.

--Takeo Kumagai, takeo.kumagai@spglobal.com
--Edited by Arnab Banerjee, arnab.banerjee@spglobal.com