UAE/Japan: Energy Prospects Adnoc Aims to Improve Business Relations with Japan
The Arabian firm has plans to focus on the increasing energy needs of Asian economies and at the same time aims to attract new investment opportunities in its Upstream and Downstream operations.
Abu Dhabi/UAE – His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (Adnoc), recently met with Japan’s Hiroshige Seko, Minister of Economy, Trade and Industry as part of a series of meetings, with government officials, business partners and customers, aimed at building on Adnoc’s long-standing energy relationship with Japan’s 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,” H.E. Dr Al Jaber said. The energy producer firm is keen to further strengthen the relationship, deepen partnerships and seize growth opportunities along the full oil and gas value chain.
Later in his visit to Tokyo, H.E. Dr Al Jaber is expected to meet 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 15.6 billion dollars 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 % 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.