ADNOC's CEO tells Japanese minister he expects a 30-year extension
Abu Dhabi National Oil Co (ADNOC)
looks set to extend the stakes a subsidiary of Japan's Cosmo Oil
holds in three oilfields, a Japanese trade ministry
official said on Wednesday.
ADNOC's CEO Yousef Omair bin Yousef said in a Tuesday
meeting in Abu Dhabi with Japan trade minister Akihiro Ohata that
he expected a 30-year extension, the ministry official said.
The UAE is Cosmo's biggest crude supplier
and the second-biggest supplier to Japan after Saudi Arabia.
The Cosmo subsidiary, Abu Dhabi Oil Co, has been looking for
a 30-year extension after its current contracts expire in 2012.
ADNOC's head also said that Abu Dhabi Oil Co would be granted
a new concession area, as expected, the official said.
To back up Japanese companies' oil production in the Emirate,
state-run Japan Bank for International Cooperation (JBIC) in
November granted ADNOC a $3 billion loan co-financed with five
Ohata is also visiting Saudi Arabia and Iraq on his current
At a joint news conference on Monday, Iraq's Deputy Prime
Minister for Energy Affairs Hussain al-Shahristani said
pre-qualified Japanese companies would be invited to bid this
year to develop the giant Nassiriya oilfield.
The two governments also confirmed they would prepare a
feasibility study on the construction of a large-scale thermal
power station in southern Iraq.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.