ADNOC Gas inks $450-$550 mn LNG Deal with Japex for Japanese Market

21 Aug 2023 CW Team

Abu Dhabi's ADNOC Gas (ADNOCGAS.AD) announced the finalisation of a five-year agreement with Japan Petroleum Exploration Co (Japex) (1662.T) for the supply of liquefied natural gas (LNG). The total worth of the contract falls within the range of $450 million to $550 million, as stated by ADNOC Gas. However, specific details about the quantities of LNG to be supplied and the commencement timeline for shipments were not disclosed.

This agreement comes on the heels of Japanese Prime Minister Fumio Kishida's recent trip to the UAE and other Gulf nations in July. The focus of the visit was to secure a stable energy source for Japan, a nation heavily reliant on oil and gas imports.

ADNOC has previously highlighted that approximately 25 per cent of Japan's crude oil imports are sourced from the UAE, positioning Japan as ADNOC's foremost international purchaser of oil and gas products.

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