Aramco, ADNOC own 110 mln of crude stockpiles in Japan: report

Crude stockpiles owned by state-run Saudi Aramco and UAE’s Abu Dhabi National Oil Co (ADNOC) in Japan remained flat month-on-month at 110 million barrels in May, Reuters reported on Tuesday, citing data from Japan’s Agency for Natural Resources and Energy.

The Japanese government provides crude storage capacity for free to both companies, which can store up to about 6.3 million barrels each.

In return, Japan gets a priority claim in stockpiles in case of emergency and treats them as quasi-government inventory, deeming half of the barrels as part of its national strategic crude reserves.

There is no breakdown for each company’s stockpiles, the data showed.