Japan's Itochu inks new Omani oil deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Leading Japanese trading firm Itochu has signed a crude oil purchase agreement with Oman’s Ministry of Oil and Gas, it was reported.

The agreement, which was signed on the sidelines of the company's 40th anniversary celebration comprises 33,000 barrels of Omani crude per day.

It is the 41th annual agreement signed between the two parties, the Times of Oman said.

Itochu, which started lifting Oman crude in 1974, has a long history since its establishment in 1858.

“However, we have only a few contracts which continue on and on like this contract,” Yuji Fukuda, director and managing executive officer (Energy and Chemicals Company division) of Itochu said.

“Our first contract was signed in 1974, but just one year before our contract signing, the 'October War' broke out in the Middle East and it was followed by the "Oil Crisis." We reached an agreement in such a tough time full of uncertainties.”

In addition to the company's crude oil contract, Fukuda said it was proud to be a shareholder of both Oman LNG and Qalhat LNG.

In addition to the energy sector, the Japanese trading firm is also eager to participate in the infrastructure sector such as the water desalination project, he reportedly said.

With approximately 130 offices in 66 countries, Itochu is engaged in domestic trading, import and export of various products such as textile, machinery, metals, minerals, energy, chemicals and food.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia adds to oil power with new refineries

Saudi Arabia adds to oil power with new refineries

Two state-of-the-art plants set to redefine Gulf kingdom's role...

Focus: How low can the oil price fall?

Focus: How low can the oil price fall?

The startling fall in the oil price has renewed questions about...

Saudi Arabia, Kuwait shared zone tensions underlie oilfield closure

Saudi Arabia, Kuwait shared zone tensions underlie oilfield closure

Crude output from jointly-run offshore Khafji oilfield has been...

Most Popular
Most Discussed
  • 20
    Why Dubai should consider removing the rent cap

    Not even one comment supporting the author. I wonder if he is trying to create a bubble. more

    Monday, 24 November 2014 2:25 PM - Anil
  • 14
    Life sentence for London hammer attacker

    The death sentence is a free pass. The purpose of punishment has always been to provide a lesson for misbehaving. No one learns a lesson by dying. Life... more

    Friday, 21 November 2014 2:02 PM - LordLands
  • 5
    Is this the end of F1?

    Compare this to WEC and you see a stark difference. The 'formula' for WEC is much more wider and more accomodating. They have been runnning hybrids for... more

    Monday, 24 November 2014 2:30 PM - Vincent