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.