ADNOC Gas inks $450-$550 mn LNG Deal with Japex for Japanese Market

Abu Dhabi's ADNOC Gas (ADNOCGAS. AD) announced the completion of a five-year agreement with Japan Petroleum Exploration Co (Japex) (1662.T) for the supply of liquefied natural gas (LNG). The total value of the contract falls within the range of $450 million to $550 million, as stated by ADNOC Gas. However, specific details on the quantities of LNG to be delivered and the starting timeline for shipments were not disclosed.

This agreement comes on the heels of Japanese Prime Minister Fumio Kishida's recent trip to the UAE and other Gulf states in July. The focus of the visit was on securing a stable energy source for Japan, a country that is heavily dependent on oil and gas imports.

ADNOC has previously highlighted that about 25 percent of Japan's crude oil imports come from the UAE, positioning Japan as the leading international buyer of oil and gas products from ADNOC.