Japan's JOGMEC buys Mideast light crude for SPR

August 08, 2014 - 12:22:26 pm

TOKYO: State-run Japan Oil, Gas and Metals National Corp (JOGMEC) on Friday bought about 630,000 barrels (100,000 kilolitres) of Middle Eastern light crude for the government's Strategic Petroleum Reserves via tender, industry sources familiar with the matter said.

JOGMEC had been seeking Middle Eastern light crude, with shipments to be delivered to the Shibushi national oil storage base in Kagoshima, southern Japan, operated by the wholly-owned unit of JX Nippon Oil & Energy Corp, between Oct. 10 and Dec. 20.

Sources said Mitsubishi Corp likely sold Abu Dhabi Murban crude to JOGMEC. Mitsubishi declined to comment.

JOGMEC could not be immediately reached for comment.

The tender represents a replenishing of stockpiles after Japan in June sold about 1.89 million barrels (300,000 kilolitres) of Middle Eastern heavy sour Khafji crude from the government's strategic reserves.

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. (Reuters)



 

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