Signing of the Agreement between the Government of Japan and the Government of New Zealand on Petroleum Stocks Contracts

November 5, 2007

On November 5 (Mon), the Agreement between the Government of Japan and the Government of New Zealand on Petroleum Stocks Contracts was signed in Wellington between H.E. Toshihiro Takahashi, Ambassador of Japan to New Zealand, and the Hon. David Parker, Minister of Energy of New Zealand. The Agreement entered into force upon signature.
As a member state of the International Energy Agency, the Government of Japan has participated in international efforts to establish a structure for a stable energy supply-demand balance under the framework of the International Energy Program. In this context, the Government of Japan had agreed with the Government of New Zealand to initiate a discussion aiming at conclusion of an agreement which would enable the Government of New Zealand to sign an oil stocks contract with Japanese companies that allow Japanese companies’ oil stocks to be counted as part of New Zealand’s oil stocks so that New Zealand can secure sufficient oil reserves. The two governments began talks about the agreement in September.
This Agreement enables the Government of New Zealand, under the framework of the International Energy Program, to sign contracts concerning petroleum stocks with Japanese corporations. That is a meaningful contribution to stabilizing the international energy supply-demand balance further by means of petroleum stocks.

(END)