Abu Dhabi: His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Japan’s Prime Minister Shinzo Abe witnessed the signing of an energy cooperation agreement between the Supreme Petroleum Council, represented by ADNOC, and Japan’s Agency for Natural Resources and Energy.
The three-year oil storage deal, which renews and expands a previous agreement that ended in 2019, allows ADNOC to store more than 8.1 million barrels of crude oil in Japan’s storage facilities. The agreement was signed by Dr. Sultan Ahmad Al Jaber, Minister of State and CEO of ADNOC Group, and Makihara Hideki, Japan’s State Minister of Economy, Industry and Trade.
Under the agreement, ADNOC can store crude oil in Japanese facilities and sell it to its customers, on condition that specific quantities should be provided to the Japanese market in the event of a shortage of oil supplies in Japan.
Shaikh Mohammad said: “We continue to consolidate our bilateral ties by developing them across all fields”
The UAE is the second largest exporter of crude oil to Japan after Saudi Arabia. In 2017, Japan imported Dh57.3 billion worth of oil from the UAE, according to the Japan External Trade Organisation.