Dubai: Adnoc said on Tuesday Dr Sultan Ahmed Al Jaber, UAE Minister of State and group chief executive officer, held talks with Hiroshige Seko, Minister of Economy, Trade and Industry of Japan as it seeks to deepen and expand relationship with Japanese energy sector.
During the meeting, partnership and investment opportunities, created by Adnoc’s upstream and downstream growth plans were explored, as well as the potential for the long-term supply of hydrocarbon products to Japan.
“For more than four decades, the UAE and Japan have enjoyed a deep rooted and successful strategic relationship, underpinned by long standing energy partnerships,” Al Jaber said in a statement. “Adnoc is keen to further strengthen the relationship, deepen partnerships and seize growth opportunities along the full oil and gas value chain.
“As we accelerate our focus on the increasing energy needs of Asian economies, such as Japan, Adnoc is introducing new partnership and investment opportunities across our integrated Upstream and Downstream operations. At the same time, as a trusted and reliable supplier of energy, we wish to explore opportunities to increase market access and offer a larger share of Adnoc’s portfolio of products to existing and new customers in Japan,” Al Jaber said.
Later in his visit to Tokyo, Dr Al Jaber is scheduled to meet with the Chairman of SoftBank Masayoshi Son; Toshiaki Kitamura, Chairman of INPEX/JODCO; Tatsuo Yasunaga, President and CEO, Mitsui and Hendrik Gordenker, Chairman of JERA.
The UAE is the second largest exporter of crude oil to Japan after Saudi Arabia. In 2017, Japan imported Dh57.3 billion ($15.6 billion) worth of oil from the UAE, according to the Japan External Trade Organisation (Jetro). Nearly one third of Adnoc’s crude oil goes to Japan, accounting for 25 per cent of its total crude oil imports. Other exports include LNG, LPG, Naphtha and Sulphur. In addition, Adnoc has 6.29 million barrels of crude oil stored in the Kiire Oil Terminal Strategic Reserve, in southern Japan.
In February, Japan’s INPEX Corporation (INPEX) was awarded a 10 per cent interest in Abu Dhabi’s offshore Lower Zakum concession. INPEX is one of six Japanese companies working to develop Abu Dhabi’s hydrocarbon resources. Mitsui, has a 15 per cent stake in ADNOC LNG and Cosmo Oil has a 64.2 per cent stake in the Abu Dhabi Oil Company, along with JX Nippon, Kansai Electric and Chubu Electric.