ADNOC - JAPAN RELATIONSHIP

OG.COM - Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC), has met with 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," Dr Al Jaber said. "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. 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 ADNOC's portfolio of products to existing and new customers in Japan."

Later in his visit to Tokyo, Dr Al Jaber was 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 $15.6bn worth of oil from the UAE, according to the Japan External Trade Organisation. 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 6.3mn barrels of crude oil stored in the Kiire Oil Terminal Strategic Reserve, in southern Japan.

In February, Japan's INPEX Corporation (INPEX) was awarded a 10% interest in Abu Dhabi's offshore Lower Zakum concession. At the same time the company's 40% stakes in Abu Dhabi's 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 Dhabi's hydrocarbon resources. Mitsui, has a 15% stake in ADNOC LNG and Cosmo Oil has a 64.2% stake in the Abu Dhabi Oil Company, along with JX Nippon (32.1%), Kansai Electric (1.9%) and Chubu Electric (1.9%).

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Earlier:

2018, July, 4, 12:01:00 THE NEW JAPAN'S ENERGY PLAN WNN - A new basic energy plan that sets goals for Japan's energy mix to 2030 and presents scenarios to 2050 was today approved by the Cabinet. Under the plan, nuclear will remain a key energy source, accounting for 20-22% of the country's electricity generation up to 2030.

2018, May, 14, 11:00:00 ADNOC INVESTMENT PLAN: $45 BLN AOG - The Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest $45bn alongside partners, over the next five years, to become a leading global downstream player.

2018, May, 2, 13:20:00 SAUDIS OIL FOR JAPAN UP 3.4% PLATTS - Japanese imports of crude oil from Saudi Arabia in March rose 3.4% month on month to an average of 1.29 million b/d, preliminary data from the Ministry of Economy, Trade and Industry released Friday showed.

2018, February, 16, 23:20:00 ADNOC INVESTMENT $109 BLN AOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company’s ICV contribution and strengthening its relationship with the UAE’s private sector.

2018, February, 14, 09:50:00 SAUDIS OIL FOR JAPAN PLATTS - Saudi Arabia's commitment to the OPEC-led production output cut deal was confirmed with reduced exports to key Asian outlets in 2017, but Japanese imports of Saudi crude jumped to the highest level in 35 years as the kingdom also maintained its flexibility to meet demand whenever there is a need. Japan's crude oil imports from Saudi Arabia rose 9.5% year on year to 1.295 million b/d in 2017, or 40.1% of total imports in the year, and the country's imports of Saudi crude in 2017 were the highest since 1982, according to the Ministry of Economy, Trade and Industry data.

2018, January, 19, 12:10:00 ADNOC'S 2030 STRATEGY AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

2018, January, 3, 15:45:00 SAUDIS OIL TO JAPAN UP 19.3% PLATTS - Japan's crude oil imports from Saudi Arabia rose 19.3% month on month to an average of 1.39 million b/d in November, preliminary data released Thursday by the Ministry of Economy, Trade and Industry showed.