Japan to start stockpiling UAE oil in energy security practice+

TOKYO, Dec. 18 Kyodo -
Japan will start stockpiling crude oil produced in the United Arab Emirates on
Monday under an accord that stipulates that Tokyo could receive emergency
supplies with priority in the event of a global supply shortage, the Japanese
government said Friday.
The first batch of shipments from Abu Dhabi, one of the emirates, is to arrive
in Kagoshima Prefecture, southwestern Japan, on Monday, where Abu Dhabi
National Oil Co. borrows a storage tank from the government, said the Natural
Resources and Energy Agency. The capacity of the tank is 600,000 kiloliters.
The Abu Dhabi government proposed the project in March. The accord, signed in
June between Japan and the oil-rich emirate, is the first such agreement for
Tokyo.
The partnership is also expected to benefit Abu Dhabi with the aim of expanding
its shipments to other East Asian countries, Japanese officials said.
The UAE is the second-biggest oil exporter to Japan after Saudi Arabia. Its
supply accounts for nearly 25 percent of Japan's overall oil imports.
==Kyodo
2009-12-18 22:49:45