His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC), met, today, with His Excellency 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 ADNOCís long-standing energy relationship with Japanís energy sector.
During the meeting, partnership and investment opportunities, created by ADNOCís Upstream and Downstream growth plans were explored, as well as the potential for the long-term supply of hydrocarbon products to Japan.
ďFor more than four decades, the UAE and Japan have enjoyed a deep rooted and successful strategic relationship, underpinned by long standing energy partnerships,Ē H.E. Dr Al Jaber said. ďADNOC is keen to further strengthen the relationship, deepen partnerships and seize growth opportunities along the full oil and gas value chain.
ďAs 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 ADNOCís portfolio of products to existing and new customers in Japan.Ē
Later in his visit to Tokyo, H.E. 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 AED 57.3 billion ($15.6 billion) worth of oil from the UAE, according to the Japan External Trade Organisation (Jetro). Nearly one third of ADNOCís 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.
In February, Japanís INPEX Corporation (INPEX) was awarded a 10 percent interest in Abu Dhabiís offshore Lower Zakum concession. At the same time the companyís 40 percent stakes in Abu Dhabiís Satah and Umm Al Dalkh concession were extended for 25 years. JODCO Lower Zakum Limited, a wholly-owned subsidiary of INPEX, has been appointed the asset lead for the Lower Zakum concession.
INPEX is one of six Japanese companies working to develop Abu Dhabiís hydrocarbon resources. Mitsui, has a 15 percent stake in ADNOC LNG and Cosmo Oil has a 64.2 percent stake in the Abu Dhabi Oil Company, along with JX Nippon (32.1 percent), Kansai Electric (1.9 percent) and Chubu Electric (1.9 percent).