ADNOC Gas, the natural gas division of the Abu Dhabi National Oil Company, has signed an agreement to supply liquefied natural gas (LNG) to Japan-based energy company Japan Petroleum Exploration (Japex).
The five-year deal is valued at between $450m (Dh1.65bn) and $550m.
Details regarding LNG volumes or timing for the commencement of the shipments were undisclosed.
Earlier, ADNOC said the Asian country imports around 25% of its crude oil from the United Arab Emirates (UAE), making Japan the largest international oil and gas products importer for ADNOC, reported Reuters.
ADNOC Gas CEO Ahmed Alebri said: “Japan is one of the UAE’s largest and most important energy partners and we are very pleased to strengthen this relationship through this LNG supply agreement with Japex.
“The agreement reinforces ADNOC Gas’ position as a global LNG export partner of choice and highlights the company’s growing global presence, particularly in the Asian LNG market.”
In a statement to the Abu Dhabi Securities Exchange, ADNOC Gas said: “ADNOC Gas continues to leverage opportunities arising from ADNOC’s integrated gas masterplan, which links every part of the gas value chain in the UAE, ensuring a sustainable and economic supply of natural gas to meet local and international demand.”
The deal comes a month after ADNOC Gas signed a 14-year agreement to supply LNG to Indian Oil Corporation Limited (IOCL).
Under the deal, which is valued at between $7bn and $9bn, ADNOC Gas will supply up to 1.2 million metric tonnes per annum of LNG to IOCL.
