"ADNOC" and"XRG" You sign a strategic agreement with "Mitsui" Japan to explore new opportunities for cooperation across the energy sector value chain
Tokyo, July 7 / WAM / ADNOC and XRG signed a strategic cooperation agreement with Mitsui & Co., Ltd., to explore new growth opportunities across the energy sector value chain.
The agreement was signed during the visit of His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Envoy of the Minister of Foreign Affairs to Japan, Managing Director and CEO of ADNOC and its group of companies, and Executive Chairman of XRG, to Japan.
Under the agreement, the companies will explore cooperation opportunities in the fields of liquefied natural gas, crude oil, sulfur, shipping, and chemicals, as well as international investment opportunities in the energy sector through XRG.
On this occasion, Nasser Al Muhairi, Acting CEO of the Refining, Manufacturing, Marketing and Trade Department at ADNOC, and Chairman of the Board of Directors of Ruwais LNG, said: Japan is a major market for ADNOC, and Mitsui is a reliable partner with whom we have a long-term relationship. This agreement contributes to expanding the scope of our cooperation to include various areas and stages of the value chain of the energy sector, starting from liquefied natural gas, crude oil and sulfur, all the way to shipping and chemicals.
He added: Through “XRG”, the agreement also provides new opportunities for international investment and achieving low-carbon growth. By leveraging the strength and complementarity of our businesses, we aim to enhance supply flexibility, provide greater value to our customers, and achieve long-term, sustainable growth across Asia.
Kenichiro Yamaguchi, Chief Administrative Officer at Mitsui & Co., said: The strategic cooperation agreement confirms Mitsui & Co.’s firm commitment to working in the UAE, and we are confident that it will pave the way for building a stronger partnership with ADNOC and To use this opportunity to formalize a broad and multifaceted framework for future cooperation.
The agreement sets a framework for exploring cooperation opportunities in a number of strategic areas, which include: developing crude oil markets and long-term supplies, LNG sales and improving its marketing operations, sulfur supply and related logistics services, and shipping solutions for LNG, ammonia, sulfur and other commodities.
Through XRG, ADNOC and Mitsui will also evaluate international investment opportunities in various areas and stages of the energy sector value chain, in addition to the possibility of cooperation in the field of low-emission fuels and chemicals, including methanol and other projects being developed in Enhance.
It is worth noting that Japan is one of the most important strategic markets for ADNOC, which provides about a third of Japan’s crude oil imports.
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