TOKYO: Japan has agreed to a deal with the United Arab Emirates (UAE) to boost the latter's crude storage capacity in the Asian nation.
The deal will allow UAE easy access to Asian markets while giving Japan priority access to reserves in case of emergencies.
The Middle Eastern nation will be able to store 6.29 million barrels or 1 million kilo litres in Japan, up from the current 4.4 million barrels, the agreement signed this week during the official visit of Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to Japan showed.
In return for providing free storage space, Japan gets a priority claim on the stockpiles in case of emergency.
Volumes have grown since Abu Dhabi started storing crude in Japan in 2009 aiming to bolster their onshore crude storage capacity in Asia.
The deal follows a similar raise in volumes in December under which Saudi Arabia can store 6.29 million barrels in Japan. (Reuters)
