Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan and Japanese Prime Minister Shinzo Abe witnessed the signing of the UAE-Japan Strategic Energy Cooperation Agreement on Monday.
The Abu Dhabi Supreme Petroleum Council, represented by Abu Dhabi National Oil Company (ADNOC), and the Agency for Natural Resources and Energy of Japan signed an agreement on the storage of over eight million barrels of crude oil.
The agreement, which extends the two countries’ previous oil storage deal that expired at the end of 2019, will allow ADNOC to store crude oil at facilities in Japan. This oil can be traded to customers, and it ensures that in the event of an oil shortage, Japan will have a ready supply.
“The new agreement with the Agency for Natural Resources and Energy to store Abu Dhabi crude oil in Japan further strengthens the excellent working relationship between the UAE and our Japanese counterparts,” said Dr. Sultan Ahmed al-Jaber, UAE Minister of State, ADNOC group CEO, and signatory to the agreement.
“The Joint Oil Storage Project is a most symbolic and mutually beneficial project for both countries,” said Makihara Hideki, Japan’s State Minister of Economy, Trade and Industry, and Japan’s signatory. “I really hope that our bilateral relationship between Japan and UAE will be further strengthened through the project.”
Approximately 25 percent of Japan’s imported crude oil is provided by ADNOC, making the country ADNOC’s largest customer.