ADNOC Gas signs 5-year LNG supply deal with Japanese energy firm

File Picture

ADNOC Gas has signed a five-year liquefied natural gas (LNG) supply agreement with Japan Petroleum Exploration (JAPEX) as the country pushes towards reducing its reliance on non-renewable resources.

The agreement, valued between $450 million (AED1.65 billion) and $550 million (AED2 billion), builds on the long-standing bilateral relationship between the two countries. 

"Japan is one of the UAE’s largest and most important energy partners," highlighted Ahmed Alebri, CEO of ADNOC Gas, adding that the "agreement reinforces ADNOC Gas’ position as a global LNG export partner and highlights the Company’s growing global presence, particularly in the Asian LNG market."

Natural gas plays a crucial role as a transitional fuel with lower carbon emissions compared to other fossil fuels and also serves as an important raw material in industrial value chains.

More from Business

  • Musk-led group makes $97.4 bln bid for control of OpenAI

    A consortium led by Elon Musk offered $97.4 billion (AED 357 trillion) to buy the nonprofit that controls OpenAI, another salvo in the billionaire's fight to block the artificial intelligence startup from transitioning to a for-profit firm.

  • DEWA announces record AED 30.98 bln revenue

    Dubai Electricity and Water Authority (DEWA) recorded consolidated full year revenue, for 2024, of AED 30.98 billion, EBITDA of AED 15.70 billion and net profit after tax of AED 7.24 billion.

  • Aviation sector contributes $4.1 trillion to global economy

    The UAE's Minister of Economy and Chairman of the General Civil Aviation Authority (GCAA), on Monday emphasised the aviation sector's critical role in the global economy, noting that it accounts for 12 to 13 per cent of GDP in some countries and supports millions of jobs worldwide.

  • Paris AI summit draws world leaders

    World leaders and technology executives are convening in Paris on Monday to discuss how to safely embrace artificial intelligence at a time of mounting resistance to red tape that businesses say stifles innovation.

  • 16% growth in new economic licences in Abu Dhabi during 2024

    The Abu Dhabi Registration and Licensing Authority (ADRA), which develops and regulates the business sector, on Monday revealed significant growth in business licences and compliance indicators in the Emirate's mainland and non-financial economic free zones during 2024.