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Latest News

Japan buys Saudi crude from Showa Shell-sources

JOGMEC bought the 1.25 million barrels of the Saudi grade.

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September 15, 2010 12:52 by



State-run Japan Oil, Gas and Metals National Corp (JOGMEC) bought Saudi Arab Extra Light crude for Japan’s national reserves from Showa Shell Sekiyu via a tender, industry sources said on Wednesday.

JOGMEC, which had sought 1.25 million barrels of Middle East light crude through the tender, bought the 1.25 million barrels of the Saudi grade, one of the sources said.

JOGMEC, meanwhile, did not award a tender for another 1.9 million barrels of Middle East light crude and rent a tank for it at the same time, industry sources said. JOGMEC could not be immediately reached for comment. Showa Shell and the trade ministry, which instructs JOGMEC on policy for the national reserves, did not immediately issue a comment.

Japan is trying to replace medium and heavy crude in its national reserves with lighter crudes to reflect the growing share of light crudes in Japan’s recent imports.

Japan has sold 400,000 kilolitres (2.5 million barrels) of Khafji crude and 260,000 kl of Kuwaiti crude from its national reserves since April, and the trade ministry has said it was considering buying replacement crude.

JOGMEC issued a tender on Sept. 1, seeking 1.25 million barrels of Middle East light crude, with delivery to the Shibushi national oil reserves in Kagoshima, southwestern Japan, between Dec. 1 and Dec. 20.

It had also sought another 1.9 million barrels of crude, to be delivered between Nov. 21 and Dec. 20, and rent a tank for it until March 31, 2011.

(Reporting by Osamu Tsukimori; Editing by Chris Gallagher)



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