Oil & Gas Adnoc Gas signs 5-year LNG supply pact with Japex By Pramod Kumar August 17, 2023, 5:45 AM Adnoc Gas The Adnoc Gas LNG supply agreement with Japan is valued at between $500m-$700m Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has signed a five-year liquefied natural gas (LNG) supply agreement with Japan Petroleum Exploration Co Ltd (Japex). The agreement is valued between $450-$550 million (AED1.65-2 billion), the company said in a filing published on the Abu Dhabi Securities Exchange on Thursday. Ahmed Alebri, CEO of Adnoc Gas, said: “Japan is one of the UAE’s largest and most important energy partners. The agreement reinforces our position as a global LNG export partner of choice and highlights the company’s growing global presence, particularly in the Asian LNG market.” Adnoc Gas to spend $3.6bn to expand UAE facilities PIF and Japan’s Jera explore green hydrogen projects Masdar and Adnoc agree trio of green hydrogen deals Trade between Japan and the GCC members stood at around $80 billion in 2021, with Saudi Arabia and the UAE making up around 80 percent of the total. The relationship is growing rapidly: in 2022 Japan’s trade with the UAE and Saudi Arabia alone topped $100 billion. The UAE has the largest number of Japanese expatriates in the Middle East at approximately 4,500 and hosts about 340 Japanese companies. Natural gas plays a crucial role as a transitional fuel with lower carbon emissions than other fossil fuels. It also serves as an essential raw material in industrial value chains. Earlier this month, Adnoc Gas awarded a $3.6 billion (AED13.1 billion) contract to the joint venture between Abu Dhabi-based National Petroleum Construction Company and Spain’s Tecnicas Reunidas SA to expand its gas processing infrastructure in the UAE. The Abu Dhabi-listed company reported a net income of AED2.25 billion for the first half of 2023, down 12 percent from AED2.55 billion a year earlier. Adnoc Gas in July signed a 14-year supply agreement with India’s state-owned energy firm Indian Oil Corporation Limited. The deal involves the export of up to 1.2 million metric tonnes per annum of liquefied natural gas valued at $7 billion to $9 billion. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
