ADNOC Boosts Ties With Japan

Abu Dhabi National Oil Company (Adnoc) has signed a memorandum of understanding with Japan’s key energy players, strengthening the firm’s existing partnership with the island nation.

Japan’s Ministry of Economy, Trade and Industry (Meti) and the Japan Oil, Gas and Metals National Company (Jogmec) joined Adnoc in the signing of the MoU, which establishes a framework for cooperation on strategic business development, upstream technical cooperation, and training and development programmes for Adnoc employees, according to a statement from Adnoc.

Dr Sultan Ahmed Al Jaber, Minister of State and Adnoc Group CEO, described Japan as one of the UAE and Adnoc’s most important partners, and was quoted as saying that “the long-term partnership between Japan and the UAE is one that goes back to before the establishment of Adnoc, with Japanese companies playing, and continuing to play, an important role in the development and expansion of the country’s oil and gas industry”.

The minister added: “Today we are strengthening that partnership by pursuing new opportunities that will help us unlock greater value from our resources.

“This is a clear example of how our expanded approach to partnerships presents unique opportunities for both new and existing partners to invest alongside Adnoc to capture growth opportunities and deliver future prosperity.”

Last year, Adnoc’s crude oil exports to Japan averaged 513,000 bpd – around 25 per cent of Japan’s crude oil imports – and earlier this year Meti extended its agreement with Adnoc to store crude oil at the Kire Oil Terminal for two years. The deal means Adnoc can store up to 6.29 million barrels of crude oil, providing greater access to the Asian market.

Source: Gulf Business