Oil tanker. (Picture for illustrative purposes)
The Abu Dhabi National Oil Company (Adnoc) is seeking to increase its business in Japan.
Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of Adnoc, visited Japan and met Hiroshige Seko, Minister of Economy, Trade and Industry, and discussed investment opportunities.
“Adnoc is introducing new partnership and investment opportunities across our integrated Upstream and Downstream operations. 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,” Dr. Al Jaber said.
Nearly one third of Adnoc’s crude oil goes to Japan, accounting for 25% of its total crude oil imports. Adnoc also 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 (INPEX) 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. 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 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).
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