ITOCHU signs crude oil purchase agreement with Oman’s MEM
, December 4, 2023
ITOCHU Corporation, leading Japanese trading and investment company, signed a crude oil sales and purchase agreement 2024 with the Ministry of Energy and Minerals (MEM) on November 29, 2023, to mark its 50th-anniversary celebrations in Oman.
The agreement was signed on the sidelines of ITOCHU’s anniversary celebrations for its long-term business relationship with the Sultanate.
Since the first contract year of 1974, ITOCHU has consistently been the Ministry of Energy and Minerals’ one of the longest private off-takers, responsible for lifting Oman crude.
The 50th sales and purchase agreement for the year 2024 was signed by Salim Al Aufi, Ministry of Energy and Minerals, and Masaya Tanaka, President of Energy and Chemicals Company, Executive Officer, ITOCHU Corporation, at a gala event held at InterContinental Hotel in the presence of several dignitaries including Nasser Al Jashmi, Secretary General, Ministry of Finance, Mohsin Al Hadhrami, Undersecretary of Ministry of Energy and Minerals and Jota Yamamoto, Ambassador of Japan to the Sultanate of Oman.
The evening commenced with an introduction by Mr. Daigo Takeishi, General Manager, ITOCHU Muscat Office, and opening remarks by Masaya Tanaka, ITOCHU Corporation.
This was followed by Salim Al Aufi, Ministry of Energy and Minerals, addressing the gathering.
The programme also featured a presentation on ITOCHU Oman Leadership Program by Zakiya Al Azri of PDO, Ahmed Al Sukaili of OIA, and the ITOCHU Oil Exploration Seminar by Ali Al Hajri, OQ Upstream.
Kenji Otsuka, CEO of the Middle East bloc, ITOCHU Corporation, delivered the closing remarks.
Tetsuya Yamada, Chief Operating Officer of ITOCHU Corporation's Energy Division, emphasised the significant growth of ITOCHU's operations in Oman spanning five decades.
The company plans to extend its reach into low-carbon energy sectors, specifically Hydrogen/Ammonia, as well as renewable energy business, including energy derived from waste.
These are aimed at making substantial contributions to the In-Country Value (ICV) initiative in the forthcoming years.
In addition to its involvement in Oman's energy sector, ITOCHU is also a shareholder of both Oman LNG and Qalhat LNG and has been lifting liquefied natural gas (LNG) since 2006, in addition to its crude oil contract.
The company is also the largest shareholder of Barka Desalination Company, which started its commercial operations in June 2018 as the largest desalination plant in Oman. --OGN/TrdaeArbaia News Service