Japanese oil company Cosmo Oil, owned by Cosmo Energy Group, will be the first company to import crude oil from United States, after Barack Obama lifted the prohibition to sell US crude oil abroad in force since the 1970’s.
The company will invest near 8.5 million in the purchase of crude, part of which will come from the Eagle Ford shale oilfield, in Texas. This oil will be dispatched to Japan by mid-February. Cosmo Oil will refine around 300,000 barrels in Chiba and Mie facilities to obtain gasoline and other products, the company said.
Cosmo Oil is not the only oil company taking advantage of the end of the prohibition to diversify its supply sources. According to Reuters, on Monday, Sinopec also bought a batch of US crude oil, which will be dispatched from the US Gulf Coast in March.
Japan is the world’s third oil importing country, behind United States and China. According to Reuter’s data, Japanese wholesalers refine around 3.9 million barrels per day. Most of the crude bought by Japan comes from the Middle East, mainly Saudi Arabia.