UAE, Japan crude storage deal

January 27, 2020

The UAE and Japan signed a crude storage agreement, which will further bolster partnerships between oil and gas firms. Japan’s Prime Minister Shinzo Abe visited Abu Dhabi, where he met His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Presidential Palace.

Sheikh Mohamed and Mr Abe witnessed the signing of an energy co-operation agreement between Supreme Petroleum Council, represented by Adnoc, and Japan’s Agency for Natural Resources and Energy.

The UAE and Japan already enjoy strong and broad co-operation, developing them across all fields under the Comprehensive Strategic Partnership Initiative, but energy ties are particularly strong.

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. The agreement will positively contribute to Japanese energy security, while also supporting Adnoc’s broader trading ambitions.

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