Japan’s Ministry of Economy, Trade and Industry (METI) has signed an agreement with Kuwait’s state energy umbrella firm KPC to store 500,000 kiloliters (3.14mn barrels) of Kuwaiti crude at the Kiire oil terminal.

METI says that KPC can use the crude stored at Kiire to supply other countries in the region, but that in the even of an emergency, Japan will have primary claim to the volumes. Abu Dhabi’s Adnoc and Saudi Arabia also store crude in Japanese facilities (MEES, 17 January). (CONTINUED - 146 WORDS)