Agreement reinforces ADNOC Gas’ position as a global LNG export partner of choice
Agreement builds on the long-standing energy partnership between the UAE and Japan and underscores the Company’s growing global presence, particularly in the Asian LNG market
Latest agreement brings the total value of LNG supply deals since ADNOC Gas’ listing in March this year to between $9.4 billion and $12 billion
Abu Dhabi, UAE – October 17, 2023: ADNOC Gas plc (“ADNOC Gas” or the “Company”) (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), a large-scale integrated gas processing company, today announced a multi-year liquified natural gas (LNG) supply agreement, valued between $500 million (AED1.8 billion) and $700 million (AED2.5 billion), with JERA Global Markets, a trading subsidaiary of JERA Co., Inc.
This agreement builds on the long-standing relationship between the UAE and Japan, and reinforces ADNOC Gas’ position as a global LNG export partner of choice. Japan is a vital energy partner for the UAE, and this agreement bolsters ADNOC’s growing track record of fostering strategic partnerships with Japanese energy companies.
Commenting on the agreement, Ahmed Alebri, Chief Executive Officer of ADNOC Gas,said: “This LNG supply agreement marks a significant milestone in ADNOC Gas’ long-standing strategic partnership with JERA Co., Inc, demonstrating our continuous and shared commitment for advancing sustainability in the energy sector and supporting a reliable and cleaner energy future for Japan and beyond.”
Natural gas continues to play a crucial role as a transitional fuel with lower carbon emissions compared to other fossil fuels. It also serves as an important raw material in industrial value chains.
Kazunori Kasai, Chief Optimization Officer, JERA Co., Inc. and Chairman, JERA Global Markets, said: “We are pleased to continue our LNG partnership with ADNOC Gas as the JERA Group continuously looks towards strengthening our global LNG portfolio with stable, flexible and competitive LNG supply, which is essential in the energy transition.”
This agreement follows several significant international LNG sales agreements that ADNOC Gas has recently signed, including agreements with PetroChina International Co., Ltd. (PCI), Japan Petroleum Exploration Co., Ltd. (JAPEX), TotalEnergies Gas and Power, and India Oil Corporation (IOCL). The total value of LNG supply agreements signed by ADNOC Gas since its listing in March this year is between $9.4 billion (AED34.5 billion ) and $12 billion (AED44 billion).
Constructed in the 1970s, ADNOC’s LNG production facilities on Das Island supplied LNG to the Tokyo Electric Power Company (one of the parent companies of JERA Co., Inc.) for over 40 years. This new supply agreement with JERA Global Markets renews and further enhances the partnership.
ADNOC Gas continues to leverage opportunities arising from ADNOC’s integrated gas masterplan which links every part of the gas value chain in the UAE, ensuring a sustainable and economic supply of natural gas to meet local and international demand.
About ADNOC Gas
ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-scale integrated gas processing company operating across the gas value chain, from receipt of raw gas feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae.
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About JERA Global Markets
JERA Global Markets is a leading utility-backed seaborne energy trader. A joint venture between majority shareholder JERA Co., Inc. and EDF Trading, JERA Global Market’s shareholders are among the world’s major utilities. JERAGM operates one of the largest energy portfolios in the world which gives it an in-depth understanding of the way local, regional and international energy markets behave. Headquartered in Singapore, JERA Global Markets has a global talent pool of more than 250 people across offices located in four strategic locations: Singapore, Japan (Tokyo), the UK (London) and the US (Baltimore). JERA Global Markets is strongly capitalised with over US$500 million in paid up capital and a total equity of US$3 billion. JERA Global Markets has retained its A+ Stable rating from R&I, attributable to a robust business model and solid financial base. For more information, visit www.jeragm.com