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ADNOC Strengthens Energy Partnership with Japan as it Pursues Growth Opportunities

Abu Dhabi, UAE – WEBWIRE

The Abu Dhabi National Oil Company (ADNOC) has strengthened its long-standing energy partnership with Japan, through the signing of a tri-partite Memorandum of Cooperation with Japanís Ministry of Economy, Trade and Industry (METI) and the Japan Oil, Gas and Metals National Company (JOGMEC).

The memorandum was signed by H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, H.E. Hiroshige Seko, Japanís Minister of Economy, Trade and Industry and Keisuke Kuroki, President of the Japan Oil, Gas and Metals National Company. It establishes a framework for cooperation on strategic business development; upstream technical cooperation; and training and development programs for ADNOC employees.

H.E. Dr Al Jaber described Japan as one of the UAE and ADNOCís longest-standing and most important partners and customers. ďThe long-term energy 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 countryís oil and gas industry,Ē he said.†

ďToday 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.Ē

ADNOC has supplied Japan with oil, gas and refined products since its foundation in 1971. It is Japanís second-largest supplier of crude oil and a major supplier of gas and refined products.

H.E. Minister Seko said: ďThis Memorandum of Cooperation marks a new phase in Japanís long and successful relationship with ADNOC, an important and valued energy supplier. In common with ADNOC, we believe the changing oil and gas market dynamics require a smart response, one based on long-term, value add partnerships that create new opportunities and drive economic growth. We look forward to working closely with ADNOC across its full value chain.Ē

In 2016 ADNOCís crude oil exports to Japan averaged 513,000 bpd, which represented around 25 per cent of Japanís crude oil imports. In January, Japanís Ministry of Economy, Trade and Industry extended its agreement with ADNOC to store crude oil at the Kiire Oil Terminal, in Kagoshima City, for two years. Under the deal ADNOC can store up to 6.29 million barrels of crude oil, providing ADNOC with greater access to Asian markets while giving Japan priority access to reserves in times of tight supply.

Kuroki said: ďWe welcome this opportunity to work with ADNOC and to deploy our advanced technology, resources and expertise in support of ADNOCís drive for greater operational efficiencies and to assist with the development of its oil and gas assets and people.Ē

The first shipment of UAE crude oil was exported to Japan in 1962, from Abu Dhabiís offshore Umm Shaif field. Since then, Japanese companies have partnered with ADNOC to develop the emirateís oil and gas resources with the Japan Oil Development Company (JODCO) having a 40 per cent share of the Satah concession; 12 per cent of the Umm Al-Dalkh concession and 12 per cent of the Upper Zakum concession, operated by ZADCO. In addition, JODCO has a 12 per cent share of the ADMA concession and 5 per cent of the ADCO concession and Mitsui has a 15 per cent share of the ADGAS joint venture.†

ADNOCís Japanese partners also contribute to ADNOC training and research and development programmes. Meanwhile, 13 ADNOC scholars are studying in Japan in different universities.

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