The United Arab Emirates' (UAE) Supreme Petroleum Council signed an energy cooperation agreement with Japan's Agency for Natural Resources and Energy during Japanese Prime Minister Shinzo Abe's visit to the country.
The three-year oil storage deal allows Abu Dhabi National Oil Company (ADNOC) to store more than 8.1 million barrels of crude oil in Japan's storage facilities, according to the local daily Gulfnews published on Tuesday.
The agreement was signed by Sultan Al Jaber, UAE's Minister of State and CEO of ADNOC Group, and Makihara Hideki, Japan's State Minister of Economy, Industry and Trade.
Under the agreement, ADNOC can store crude oil in Japanese facilities and sell it to its customers on condition that specific quantities should be provided to the Japanese market in the event of a shortage of oil supplies in Japan, reported Gulfnews.