Abu Dhabi and Japan have signed an energy cooperation agreement concerning the storage of more than eight million barrels of crude oil.
The agreement, which extends a previous oil storage deal that came to an end at the end of 2019, will allow ADNOC to store crude oil at facilities in Japan. This oil can be traded to customers and ensure Japan has a supply in the event of a disruption or shortage.
Dr Sultan Ahmend Al-Jaber, UAE minster of state and ADNOC group CEO, says: ‘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.’
Japan’s state minister of economy, trade and industry Makihara Hideki says: ‘The joint oil storage project is a most symbolic and mutually beneficial project for both countries. I really hope that our bilateral relationship between Japan and UAE will be further strengthened through the project.’