Japan’s Itochu signs crude oil purchase agreement with Oman

December 02, 2018

Leading Japanese trading and investment company, Itochu Corporation signed a crude oil sales and purchase agreement with Oman’s Ministry of Oil and Gas on Tuesday.

The agreement was signed on the sidelines of Itochu Corporation’s 45th year anniversary celebration for its long-term business relationship with the sultanate.

Since the first contract year of 1974, Itochu has been lifting Oman crude as the largest private off-taker from the Ministry of Oil and Gas.

The 46th sales and purchase agreement for the year 2019 was signed by H E Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas and Keita Ishii, managing executive officer and president - Energy & Chemicals Company of Itochu, a press statement said.

Apart from H E Rumhi, H E Mohammed Jawad bin Hassan, acting Undersecretary of the Ministry of Finance and Harib al Kitani, chief executive officer of Oman LNG also attended the event.

With respect to its activities 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.

Besides the sultanate’s energy sector, the company is also the largest shareholder of Barka Desalination Company, which successfully started its commercial operations in June 2018 as the largest desalination plant in Oman. Itochu also imports Mazda cars and purified terephthalic acid (PTA) to Oman and exports French beans from Oman to Japan during the winter seasons.

With approximately 120 offices in 60 countries, Itochu is engaged in trading and investment of various products such as textile, machinery, metals, energy, chemicals, food, IT and real estate.