The agreement was signed between BSP Managing Director Dr Grahaeme Henderson and Mr Yutaka Oka, President of Taiyo Oil.
Business ties between BSP and the Japanese refiner date as far back as 1969. The volume of SLEB supplied to Taiyo has increased over the years - from 5,000 to 20,000 barrels per day.
"Taiyo Oil is definitely an important customer to Brunei Darussalam who has been with us for over three decades. Our mutual relationship is beyond the oil trade, as it has grown strongly over these years and will continue to grow in the future," Dr Henderson said.
Among those who were at the signing ceremony were: BSP Finance Director Mr Marcel Luijten; Mr T Tobe, Managing Director of Taiyo Oil; and, Mr H Hyakutake, Managing Director of Taiyo International, Singapore.