Nippon Oil Signs Emergency Supply Contract With New Zealand
Posted on: Friday, 28 December 2007, 12:00 CST
Japanese oil refiner Nippon Oil has signed a contract with New Zealand which provides a provision for the country to buy petroleum in an emergency scenario, according to Reuters.
Reuters reported that New Zealand had secured additional oil supplies through tender to meet its emergency reserves target for 2008, as prescribed by the International Energy Agency. Nippon Oil said that it sold an option for 115,740 tonnes of Middle East sour Oman crude oil to New Zealand as part of the contract, for 2008.
Reuters reported that New Zealand's 90-day total reserve for 2008 is 1.2 million tones and the country had already secured around 170,000 tonnes of petrol and diesel through ticket agreements for 2008.
Source: Datamonitor
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