Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (2nd R) and Shinzo Abe, Prime Minister of Japan, stand for a photograph after witnessing an MOU signing ceremony by Dr Sultan Al Jaber, UAE Minister of State and chief executive of Adnoc and Makihara Hideki, State Minister of Economy, Trade and Industry of Japan. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (2nd R) and Shinzo Abe, Prime Minister of Japan, stand for a photograph after witnessing an MOU signing ceremony by Dr Sultan Al Jaber, UAE Minister of State and chief executive of Adnoc and Makihara Hideki, State Minister of Economy, Trade and Industry of Japan. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (2nd R) and Shinzo Abe, Prime Minister of Japan, stand for a photograph after witnessing an MOU signing ceremony by Dr Sultan Al Jaber, UAE Minister of State and chief executive of Adnoc and Makihara Hideki, State Minister of Economy, Trade and Industry of Japan. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (2nd R) and Shinzo Abe, Prime Minister of Japan, stand for a photograph after witnessing an MOU

Adnoc extends and expands oil storage agreement with Japan


Sarmad Khan
  • English
  • Arabic

Abu Dhabi National Oil Company renewed and expanded a strategic agreement with Japan that will allow the state-controlled energy producer to store and trade crude in Asia’s second-biggest economy.

The agreement enhances a previous deal, which expired at the end of 2019. Under the terms of the new pact, which has an initial three-year period, Adnoc will store more than 8 million barrels of crude oil at storage facilities in Japan, which could be traded while ensuring certain quantities of crude remains available in the event of an oil shortage in Japan, Adnoc said in a statement on Tuesday.

The new agreement “positively contributes to Japanese energy security, while also supporting Adnoc’s broader trading ambitions,” said Dr Sultan Al Jaber UAE Minister of State and Adnoc Group chief executive. Japan is Adnoc’s largest international importer of oil and gas products with approximately 25 per cent of its crude oil imported from the UAE.

The storage pact was signed on Monday during Japanese Prime Minister Shinzo Abe’s visit to the UAE, where he also met Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

“The Joint Oil Storage Project is a most symbolic and mutually beneficial project for both countries and will contribute to the improvement of Japan’s energy security as well as the UAE’s access to Asian markets,” said Makihara Hideki, Japan’s State Minister of Economy, Trade and Industry. “Given the current world geopolitical situation, it [the deal] is well-timed.”

Adnoc is pursuing its ambitious vision and 2030 strategy to grow its presence across the energy value chain and secure greater market access for its products by forging partnerships. The UAE accounts for 4 per cent of global crude production, much of it from fields owned and operated by Adnoc in Abu Dhabi. The national oil company is on track to reach 4 million barrels per day of production capacity this year as it looks to increase output capacity to 5 million bpd over the next decade.

Adnoc has a long history of strategic partnerships with Japanese oil and gas companies, which spans more than four decades, covering the entire oil and gas value chain.

As part of its 2030 smart growth strategy, Adnoc in recent years has also awarded concessions to Japanese oil and gas companies in the UAE. In 2015, Japan’s Inpex Corporation was awarded a 5 per cent stake in the Abu Dhabi Onshore Concession. In 2018, the Japanese firm took a 10 per cent stake in the new Lower Zakum offshore concession and at the same time, extended its 40 per cent stake in Satah and also increased its stake in Umm Al Dalkh from 12 per cent to 40 per cent. Last year, Adnoc awarded the exploration rights for Abu Dhabi Onshore Block 4 to Inpex.

In November 2019, Intercontinental Exchange announced Inpex and and JXTG along with eight of the world’s largest energy traders including Adnoc partnered with ICE to launch the ICE Futures Abu Dhabi, a new exchange that hosts the world’s first Murban crude oil futures contract.

Both the UAE and Japan have continued to strengthen their bilateral economic relations since 1961 when the first shipment of UAE crude oil was exported from Umm al-Shaif offshore field in Abu Dhabi to Japan. Trade between the two countries has grown with exports from Japan to the UAE climbing to about $7.9 billion (Dh29bn), while imports from the UAE were $27.5bn in 2018.

COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

Company%20profile
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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

'C'mon C'mon'

Director:Mike Mills

Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman

Rating: 4/5

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Courtesy: Crystal Intelligence

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

Engine: 2.0-litre four-cylinder

Power: 245hp @ 5,500rpm

Torque: 370Nm @ 1,300rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.0L / 100km

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.