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The Emirati company, ADNOC Gas, announced yesterday, Thursday, the signing of an agreement with the Japan Oil Exploration Company Limited (Japex) to supply it with liquefied natural gas for a period of 5 years, a month after the Japanese Prime Minister’s visit to the UAE focused on green energy. The company, affiliated to the state oil giant ADNOC, said in a statement that the value of the agreement ranges between 450 and 550 million US dollars, but it did not specify the amount of gas that will be supplied.
During his visit last month, Japanese Prime Minister Fumio Kishida discussed with Emirati officials cooperation in areas related to the production and use of hydrogen and ammonia as well as carbon recycling. In addition, 23 agreements and memorandums of understanding were signed in various fields, including trade and investment, energy, renewable energy, industry and advanced technology.
Japan imports about 25 percent of its crude oil from the UAE, making it the largest global importer of oil and gas products from ADNOC, according to the Emirati company.
ADNOC Gas manages 95% of the UAE’s total natural gas reserves, which are the seventh largest in the world.
And on August 9, ADNOC Gas announced the award of a $3.6 billion contract to a joint venture between two Emirati and Spanish companies to expand facilities for natural gas processing in the UAE.
In 2021, the UAE produced approximately 57 billion cubic meters of natural gas, or about 1.4% of global production, according to BP statistics.
In the same year, it exported about 8.8 billion cubic meters of liquefied natural gas, representing about 1.7% of the volume of global exports, according to the British International Energy Company.
