Abu Dhabi National Oil Company (ADNOC) is chasing more business in Japan as part of a wider focus on Asia, its CEO has said.
ADNOC group CEO, Dr Sultan bin Ahmad Sultan Al Jaber, also Minister of State, met with Hiroshige Seko, Japan's Minister of Economy, Trade and Industry, as part of a series of meetings, with government officials, business partners and customers, state news agency WAM reported.
During the meeting, partnership and investment opportunities, created by ADNOC’s growth plans were explored, as well as the potential for the long-term supply of hydrocarbon products to Japan, WAM added.
Al Jaber was quoted as saying: "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."
The UAE is the second largest exporter of crude oil to Japan after Saudi Arabia. In 2017, Japan imported AED57.3 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 percent 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 was awarded a 10 percent interest in Abu Dhabi’s offshore Lower Zakum concession. At the same time the company’s 40 percent stakes in Abu Dhabi’s Satah and Umm Al Dalkh concession were extended for 25 years.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.
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