Japan’s JERA Creates Oil Storage Firm to Manage National Reserve Sites

AI Summary

JERA has established JERA Oil Storage to operate national petroleum stockpiling bases that it currently manages in Japan. The new company is being formed as Middle East turmoil disrupts oil procurement for the resource-poor country.

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. said on 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…