Adnoc seeks new business in Japan and South Korea

Sultan Al Jaber meets Masakazu Toyoda, chairman and CEO of The Institute of Energy Economics, Japan, and Tsuyoshi Nakai, CEO of Japan Cooperation Centre Petroleum.

A delegation from Abu Dhabi National Oil Company, or Adnoc, led by Sultan bin Ahmed Al Jaber, Minister of State and CEO of Adnoc, conducted visits to Japan and South Korea, aimed at building on the organisation's long-standing relationships with its partners in both countries, while also exploring new business opportunities in oil, gas, refining and petrochemicals.

During the visit to Japan, the delegation met with Motoo Hayashti, Minister of Economy, Trade and Industry. Adnoc also hosted a reception in Tokyo, attended by senior executives from its partners and customers, including the Japan Oil Development Company, JX Holdings, Tepco, Cosmo Oil, TonenGeneral, Idemestu, Marubeni, JX Nippon and Mitsu.

While in South Korea, the Adnoc delegation met with senior executives of the Korean National Oil Company (KNOC), GS Caltex Corporation, SK Gas, E1 and Samsung.

Al Jaber said: "The visits reflect the significant importance the UAE places on its long-term energy partnerships with Japan and South Korea, which have contributed to a deepening of economic ties and an increase in mutually beneficial investments.

"We have long been a trusted and reliable supplier of oil, gas and refined products to Japan and South Korea. As such, we aim to build on these deep-rooted and long standing partnerships to explore new upstream and downstream opportunities, and offer a larger share of Adnoc's portfolio of refined and petrochemical products."

In addition to the investments by Japanese and South Korean oil and gas companies in the UAE's energy exploration and production sectors, Adnoc has strategic agreements to utilise the oil storage facilities in both countries, designed to enhance and maintain security of supply.

Both Japan and South Korea get most of their oil from the Middle East for their crude oil supplies. Nearly 82 per cent of Japan's crude oil imports come from the region, of which Adnoc in 2015 supplied 33 per cent (792,000 bpd), making it the second largest crude exporter to Japan.

Meanwhile, South Korea receives 84 per cent of its oil supplies from the Middle East, of which 11 per cent (258,000 bpd) is supplied by Adnoc.

- business@khaleejtimes.com

• Abu Dhabi