Adnoc's LNG refineries on Das Island were built in the 1970s. Photo: Adnoc
Adnoc's LNG refineries on Das Island were built in the 1970s. Photo: Adnoc
Adnoc's LNG refineries on Das Island were built in the 1970s. Photo: Adnoc
Adnoc's LNG refineries on Das Island were built in the 1970s. Photo: Adnoc

Adnoc Gas signs LNG supply deal worth up to $700m with Japan's Jera


Shweta Jain
  • English
  • Arabic

Adnoc Gas, estimated to have the seventh largest gas reserves globally, has signed an agreement to supply liquefied natural gas worth $500 million to $700 million to a trading subsidiary of Japan's power generation company Jera.

The multi-year agreement with Jera Global Markets, a utility-backed seaborne energy trader specialising in LNG, coal and freight, builds on the energy partnership between the UAE and Japan, Adnoc said on Wednesday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

The move is line with the company's goals of growing its global presence, particularly in the Asian market, Adnoc Gas said.

“This LNG supply agreement marks a significant milestone in Adnoc Gas' long-standing strategic partnership with Jera, demonstrating our continuous and shared commitment for advancing sustainability in the energy sector and supporting a reliable and cleaner energy future for Japan and beyond,” its chief executive Ahmed Alebri said.

The latest deal brings the total value of LNG supply agreements signed by Adnoc Gas since its listing in March this year to “between $9.4 billion and $12 billion”, the company said.

Adnoc Gas, which has access to 95 per cent of the UAE's natural gas reserves, supplies more than 60 per cent of the country's needs.

It has rapidly expanded its exports over the past few quarters as demand for less polluting fuel picks up globally amid decarbonisation efforts.

Last month, it signed a $450 million to $550 million LNG supply deal with PetroChina. The company signed a five-year LNG supply agreement of the same value with Japan Petroleum Exploration in August.

In July, the Adnoc subsidiary signed a 14-year supply agreement with Indian Oil Corporation, the South Asian country’s largest refiner.

Adnoc Gas has also signed a three-year supply agreement with TotalEnergies Gas and Power, a subsidiary of France’s TotalEnergies.

Competition to secure LNG supplies has increased since Russia's invasion of Ukraine last year, with Europe importing record volumes of the supercooled fuel to replace Moscow's gas supplies.

Global LNG trade hit a high of $450 billion in 2022 amid a surge in European demand, according to the International Energy Agency.

Natural gas continues to play a crucial role as a transitional fuel with lower carbon emissions, compared to other fossil fuels. It also serves as an important raw material in industrial value chains, Adnoc Gas said on Wednesday.

“The Jera Group continuously looks towards strengthening our global LNG portfolio with stable, flexible and competitive LNG supply, which is essential in the energy transition,” said Kazunori Kasai, chairman of Jera Global Markets and chief optimisation officer at Jera.

Built in the 1970s, Adnoc's LNG refineries on Das Island supplied LNG to the Tokyo Electric Power Company, one of the parent companies of Jera, for more than 40 years, Adnoc said.

“Japan is a vital energy partner for the UAE, and this agreement bolsters Adnoc's growing track record of fostering strategic partnerships with Japanese energy companies,” the company said.

Japan, the world’s third-largest economy and fourth-largest crude importer, is looking to bolster its energy security by entering into long-term LNG agreements and adding more renewable resources to its overall energy mix.

In December last year, Inpex, Japan’s largest oil and gas exploration company, signed an agreement with US-based Venture Global LNG for the supply of a million tonnes annually for the next 20 years.

In July, the UAE and Japan signed 23 agreements and initial pacts during a business forum aimed at bolstering economic, trade and investment ties between the two countries in the fields of energy, industry, advanced technology, artificial intelligence, space, health, transport, environmental conservation and circular economy.

The value of trade between the two countries reached $51.7 billion in 2022 while non-oil trade exchange amounted to $14.7 billion, of which non-oil imports to the UAE were $12 billion.

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UAE currency: the story behind the money in your pockets
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GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Most F1 world titles

7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)

7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)

5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)

4 — Alain Prost (1985, ’86, ’89, ’93)

4 — Sebastian Vettel (2010, ’11, ’12, ’13)

The specs: 2018 Mercedes-AMG C63 S Cabriolet

Price, base: Dh429,090

Engine 4.0-litre twin-turbo V8

Transmission Seven-speed automatic

Power 510hp @ 5,500rpm

Torque 700Nm @ 1,750rpm

Fuel economy, combined 9.2L / 100km

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
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The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

Honeymoonish
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BACK%20TO%20ALEXANDRIA
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box

COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

The biog

Favourite hobby: taking his rescue dog, Sally, for long walks.

Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books

Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella

Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Updated: October 18, 2023, 7:49 AM`