Tokyo, Oct. 5 (SANA) Saudi Arabia and the United Arab Emirates are expected to launch a framework for cooperation with Asian countries on crude oil storage, with Japan providing financial support and technical expertise, Japan’s Nikkei newspaper reported Monday.
The initiative is expected to be discussed at a ministerial meeting of the Japan-led Asia Zero Emission Community in the Philippines on Thursday. The group comprises 11 countries, including several Southeast Asian nations.
Senior officials from Saudi Arabia and the UAE are expected to announce plans to cooperate on oil storage, with the proposed framework set to be included in a joint statement from the meeting, Nikkei reported.
The framework would allow participating countries to explore expanding their oil reserves in cooperation with the two Gulf producers. Details would be determined through bilateral talks, with options potentially including increased oil exports to participating countries or priority access to supplies during emergencies.
Japan already operates a joint stockpiling system under which domestic storage facilities are leased to state-owned oil companies, including Saudi companies, while allowing Japan access to the stored crude during emergencies.
Japan is expected to present the proposed framework during a ministerial dialogue at the International Energy Forum in Saudi Arabia on Oct. 11, according to the report.
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