Japan’s JERA Creates Oil Storage Firm to Manage National Reserve Sites
Japan’s JERA Creates Oil Storage Firm to Manage National Reserve Sites What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Japanese energy firm JERA is creating an oil storage company which will exclusively manage the operation of the national petroleum stockpiling bases that JERA currently operates, as the Middle East crisis has upended the oil procurement market in the resource-poor G7 economy of Japan.
JERA Co., Inc.saidon Friday it had established JERA Oil Storage as a dedicated operating company to manage the operation of national petroleum stockpiling bases currently operated by JERA and its affiliated subsidiaries under a joint contracting arrangement with the Japan Organization for Metals and Energy Security (JOGMEC).
Currently, subsidiaries of the JERA Group operate four national petroleum stockpiling bases in Japan—at Tomakomai-Tobu, Akita, Fukui, and Shibushi.
“To further enhance safe and stable operations and ensure the transfer and advancement of operational expertise, we will establish an operating structure dedicated exclusively to the oil stockpiling business,” the company said today.
Since the war in the Middle East began, Japan has scrambled to secure crude oil supply from alternative sources as its dependence on crude from the Middle East passing through the Strait of Hormuz was more than 90% of all crude imports.
Of the Middle Eastern supplies, about 70% typically arrived in Japan on tankers traveling through the Strait of Hormuz.
The G-7 economy has also moved torelease crudefrom its strategic reserves as part of an IEA-coordinated global effort to release 400 million barrels of crude and oil products.
Japan is now buying cargoes from as far asCanada, Azerbaijan, and Africa to offset the supply that continues to be trapped in the Persian Gulf.
However, the economic cost of sourcing crude oil supply from faraway places to offset the major loss of deliveries from the Strait of Hormuz is high, withsoaring oil import billsweighing on industrial and economic activity.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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