Abu dhabi: ADNOC and XRG have inked a Strategic Collaboration Agreement (SCA) with Mitsui and Co., Ltd. (Mitsui) to explore new avenues for growth across the energy value chain. The pact was signed during a visit to Japan by Dr. Sultan Al Jaber, the Minister of Industry and Advanced Technology, Envoy of the Minister of Foreign Affairs to Japan, and the Managing Director and Group CEO of ADNOC, who also serves as the Executive Chairman of XRG.
According to Emirates News Agency, the agreement aims to foster collaboration in areas such as LNG, crude oil, sulfur, shipping, and chemicals, and to explore international energy investment opportunities via XRG. Nasser Al Muhairi, Acting CEO of ADNOC Downstream Industry, Marketing and Trading, and Chairman of Ruwais LNG, highlighted Japan as a crucial market for ADNOC, with Mitsui being a reliable partner. He emphasized that the agreement will not only broaden collaboration across various sectors but also open new opportunities for international investment and sustainable growth through XRG.
Kenichiro Yamaguchi, Senior Executive Managing Officer at Mitsui and Co., expressed confidence that the SCA would strengthen their partnership with ADNOC and XRG across the energy and chemicals value chain. He reiterated Mitsui's commitment to the UAE and appreciated the chance to formalize a broad framework for future collaboration.
The SCA outlines a framework for collaboration in strategic areas including crude oil market development, long-term supply, LNG sales and optimization, sulfur procurement and logistics, and shipping solutions for various commodities. Additionally, ADNOC and Mitsui, through XRG, plan to assess international investment opportunities and potential collaborations on lower-carbon fuels and chemicals, such as methanol and projects at TA'ZIZ.
Japan remains a vital strategic market for ADNOC, with the company providing approximately one-third of the country's crude imports.
