ADNOC Gas Signed Five-Year LNG Supply Deal with Japex

The agreement follows the visit by the Japanese Prime Minister to the UAE and other Gulf states during the previous month, with the aim of securing energy supplies.

SEATTLE (Oil Monster): Abu Dhabi’s state-owned ADNOC Gas announced that it has signed a five-year deal to supply liquefied natural gas (LNG) to Japan Petroleum Exploration Company (Japex). The value of the contract is estimated between $450 million and $550 million. However, ADNOC Gas did not provide an official declaration on exact shipment volumes or tentative start date for the shipments.

The agreement follows the visit by the Japanese Prime Minister to the UAE and other Gulf states during the previous month, with the aim of securing energy supplies. Incidentally, Japan relies heavily on oil and gas imports for its needs.

Ahmed Al-Ebri, CEO of ADNOC Gas commented that the company is pleased to strengthen its relationship with Japan through the LNG supply agreement with Japex. The agreement further enhances the company’s global presence, especially in the Asian region and reinforces its leadership position as the global LNG export partner of choice.

UAE is the largest source of oil and gas products import of Japan. The UAE accounts for nearly one-fourth of the total crude oil imports by Japan.

Last month, ADNOC Gas had entered into a 14-year long term LNG supply agreement with Indian Oil Corporation. Also, it had achieved a major milestone by delivering the first shipment of LNG from the Middle East region to Germany.