(EnergyAsia, November 19 2014, Wednesday) — Japan’s trade ministry has given Abu Dhabi an expanded and extended lease to store crude oil for free at a terminal on one of the Asian country’s southwestern islands.

The original five-year lease for Abu Dhabi to store 600 million litres or 3.8 million barrels of crude at the Kiire terminal in Kagoshima prefecture expired recently. The Middle Eastern producer, the second largest oil supplier to Japan, will now be allowed to store one billion litres or 6.3 million barrels for three years to 2017.

The extension agreement was signed by Japan’s vice minister of economy, trade and industry Yosuke Takagi and Hamad Al Hurr Al Suwaidi, a member of Abu Dhabi’s Supreme Petroleum Council in Abu Dhabi last week.


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