JERA Creates Oil Storage Firm Amid Middle East Crisis

Japan's JERA Co., Inc. has established an oil storage company called JERA Oil Storage to manage its national petroleum stockpiling bases. This move is a response to the Middle East crisis, which has disrupted Japan's crude oil supply chain.

The firm currently operates four national petroleum stockpiling bases in Japan at Tomakomai-Tobu, Akita, Fukui, and Shibushi.

JERA Oil Storage will be responsible for ensuring safe and stable operations of these facilities. The company stated that it aims to 'further enhance safe and stable operations and ensure the transfer and advancement of operational expertise.'

Japan's dependence on crude oil from the Middle East is significant, with around 90% of its imports passing through the Strait of Hormuz.