Japan Island Paradise Helps Saudi Arabia in Asia Oil Push - Bloomberg Business:
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Saudi Arabia is boosting its use of leased oil-storage tanks on a small island in a region of Japan better known for its white sandy beaches and holiday resorts.
The world’s largest crude exporter is seeking to reduce freight costs and increase shipping flexibility as it competes with Middle East suppliers for market share in Asia. The Okinawa port where state-run Saudi Arabian Oil Co., known as Saudi Aramco, leases storage has received about 6.13 million barrels from the country this year, near the highest level since the Middle East supplier started leasing the tanks in 2010, according to data from Japan’s Finance Ministry.
Saudi Arabia is expanding investments in refining and petrochemicals and bolstering ties with Asia customers as part of its strategy to lock in demand for its oil amid a global glut. Aramco may spend as much as $80 billion on overseas acquisitions and investments the next five years, people with knowledge of the matter said in May."
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The world’s largest crude exporter is seeking to reduce freight costs and increase shipping flexibility as it competes with Middle East suppliers for market share in Asia. The Okinawa port where state-run Saudi Arabian Oil Co., known as Saudi Aramco, leases storage has received about 6.13 million barrels from the country this year, near the highest level since the Middle East supplier started leasing the tanks in 2010, according to data from Japan’s Finance Ministry.
Saudi Arabia is expanding investments in refining and petrochemicals and bolstering ties with Asia customers as part of its strategy to lock in demand for its oil amid a global glut. Aramco may spend as much as $80 billion on overseas acquisitions and investments the next five years, people with knowledge of the matter said in May."
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