Japan's JOGMEC to buy Mideast light crude for strategic reserves

July 22, 2014 - 12:40:43 pm

TOKYO: State-run Japan Oil, Gas and Metals National Corp (JOGMEC) issued a tender on Tuesday to buy about 630,000 barrels (100,000 kilolitres) of Middle Eastern light crude for the government's Strategic Petroleum Reserves.

JOGMEC will hold the tender on Aug. 8, with bids to be opened on the same day, according to the tender document on JOGMEC's website.

The tender comes a month after Japan sold about 1.89 million barrels (300,000 kilolitres) of Middle Eastern heavy sour Khafji crude from the government's strategic reserves, aiming to replace it with lighter grades.

In recent years, Japan has been replacing heavier crude in its reserves with lighter crudes to reflect the growing share of light crudes in recent imports.

The tender is not linked to any emergency release coordinated by the International Energy Agency.

JOGMEC is seeking Middle Eastern light crude, with shipments to be delivered to the Shibushi national oil storage in Kagoshima, southern Japan, between Oct. 10 and Dec. 20, the tender document showed. (Reuters)



 



 

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