UAE, Japan crude storage deal to boost relations
The UAE and Japan signed a crude storage agreement, which will further bolster partnerships between oil and gas firms.
The agreement was reached following meeting between His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Shinzo Abe, Prime Minister of Japan, who was on an ?official visit.
"The Japanese PM and I witnessed the signing of an energy cooperation agreement between the Supreme Petroleum Council, represented by Adnoc, and Japan's Agency for Natural Resources and Energy. We continue to consolidate our bilateral ties, developing them across all fields," Sheikh Mohamed said in his tweet.
As per the agreement, Adnoc can store over 8 million barrels of crude oil at storage facilities in Japan. This development extends and expands the Joint Oil Storage Project - the previous strategic crude oil storage bilateral agreement that expired at the end of last year.
Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group chief executive officer, and Makihara Hideki, Japan's State Minister of Economy, Trade and Industry, signed the agreement.
Sultan Jaber said the agreement further strengthens the working relationship between the UAE and Japan.
"Under the wise guidance of our leadership, the UAE has fostered a deep and longstanding relationship with Japan that spans many decades. We are pleased to extend and expand our storage agreement which positively contributes to Japanese energy security, while also supporting Adnoc's broader trading ambitions."
Meanwhile, Makihara noted the UAE was one of the most important crude oil suppliers to Japan for a long time.
"The Joint Oil Storage Project is a most symbolic and mutually beneficial project for both countries and will contribute to the improvement of Japan's energy security as well as the UAE's access to Asian markets. Given the current world geopolitical situation, it is well-timed to expand our Joint Oil Storage Project. I hope that our bilateral relationship will be further strengthened through the project."
Under the terms of the new agreement, which has an initial three year period, Adnoc will store crude oil at storage facilities in Japan which may be traded to customers, whilst ensuring that certain quantities of crude oil are available in the event of an oil shortage event in Japan.
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