Itochu, one of Japan's leading trading firms, had signed a crude oil purchase agreement with the Ministry of Oil and Gas of the Sultanate of Oman. The agreement was reportedly signed on the sidelines of the Japanese firm's 40th anniversary celebration. The deal covers 33,000 barrels of Omani crude oil per day.

The deal is the 41st annual agreement signed between the two sides as reported by the Times of Oman. Itochu started importing Omani crude back in 1974 and the relationship goes back a long way to 1858, when the firm was first established.

According to Itochu Energy and Chemicals Company Division Director and Managing Executive Officer Yuji Fukuda, "However, we have only a few contracts which continue on and on like this contract. Our first contract was signed in 1974, but just before our contract signing, the 'October War' broke out in the Middle East and it was followed by the 'Oil Crisis'. We reached an agreement in such a tough time full of uncertainties."

Aside from the energy sector, the Japanese trading firm was also eager to participate in the Sultanate's infrastructure sector, with projects like a water desalination plant construction in the offing, according to Fukuda.