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ADNOC Gas plc on Thursday announced a five-year liquefied natural gas (LNG) supply agreement worth between $450 million (AED 1.65 billion) and $550 million with Japan Petroleum Exploration Co., Ltd. (JAPEX), the Japan-based energy company.
"Japan is one of the UAE’s largest and most important energy partners and we are very pleased to strengthen this relationship through this LNG supply agreement," said Ahmed Alebri, CEO of ADNOC Gas said in a statement.
"The agreement reinforces ADNOC Gas’ position as a global LNG export partner of choice and highlights the company’s growing global presence, particularly in the Asian LNG market,” he said.
Natural gas plays 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.
This agreement with JAPEX follows ADNOC Gas’s recently signed LNG supply agreements with TotalEnergies Gas and Power and India Oil Corporation (IOCL).
ADNOC, which intends to more than double its LNG production capacity to meet increased global demand for natural gas, is setting up a low-carbon LNG growth project in Al Ruwais Industrial City, Al Dhafrah, Abu Dhabi.
(Reporting by Brinda Darasha; editing by Seban Scaria)
