Japan to release crude oil from national reserve

Japan to release crude oil from national reserve

Tokyo, 16 February (Argus) — Japan plans to sell Khafji and Hout crude from its strategic oil reserves, in the country's second co-ordinated Strategic Petroleum Reserve (SPR) release with oil-consuming countries following December.

Japan's ministry of economy, trade and industry (Meti) today issued two tenders to sell around 150,000 kilolitres (944,000 bl) of Khafji crude and around 110,000 kl (692,000 bl) of Hout. Eneos' Kiire oil terminal in Kagoshima prefecture in southern Japan will supply the Khafji, while the Tomakomai-Tobu national stockpiling base on Hokkaido island will supply Hout.

Khafji crude should load from Kiire during 20 April-31 July in up to two batches. Hout crude should load from Tomakomai-Tobu in one batch between 20 April-20 August, except for 1 May-20 June. Offers must be submitted by 9 March, with the tender results finalised on the same day.