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Energy

Japan and Kuwait build 3m barrel oil reserve for Southeast Asia

Tanks on Japanese soil meant to keep companies running during supply disruption

Tanks at Japanese refiner Eneos' Kiire storage yard in southern Japan will be used as an oil reserve. (Photo courtesy of Eneos)

TOKYO -- Japan and Kuwait will create a joint petroleum reserve for energy-hungry Southeast Asia, which lacks sufficient buffers against oil supply instability.

Japan's Agency for Natural Resources and Energy and the state-run Kuwait Petroleum Corp. signed an agreement Tuesday on the project, the Japanese Ministry of Economy, Trade and Industry said in a statement.

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