Introduction

ADNOC Gas announced today, Thursday, that it has signed a 5-year LNG supply agreement with Japan Oil Exploration Company (Japex).

The Emirati company added that the cost of the agreement ranges from $450 million to $550 million, but did not disclose the amount of liquefied natural gas in the agreement, as well as the timing of the start of shipments.

Background

The agreement follows Japanese Prime Minister Fumio Kishida’s visit to the UAE and other Gulf states in July, which focused on securing energy supplies for Japan, which remains heavily dependent on oil and gas imports.

ADNOC previously said that Japan imports nearly 25% of its crude oil from the UAE, making it the largest international importer of ADNOC oil and gas products.