Japan Considers Stockpiling Oil Products
Posted on: Wednesday, 1 February 2006, 18:00 CST
Tokyo, Feb. 1 (Jiji Press)--Japan will consider stockpiling gasoline and other oil products in addition to existing crude oil reserves, it was learned Wednesday.
The Agency for Natural Resources and Energy proposed the idea at the day's meeting of a subcommittee of the Advisory Committee for Natural Resources and Energy, a government panel.
As of Nov. 30, Japan's state oil reserves totaled 50.87 million kiloliters, equivalent to 91 days of domestic consumption. The reserves are intended for possible emergencies such as a crisis in the Middle East.
The reserves are all in crude oil form because Japan has sufficient refining capacity and also because the costs involved in holding processed oil products are higher.
The planned review of the oil-stockpiling policy was prompted by the shortages of gasoline and other petroleum products the United States experienced after hurricanes hit the U.S. Gulf coast.END
Source: Jiji Press English News Service
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