Business

His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State, and Group Chief Executive Officer of the Abu Dhabi National Oil Company (ADNOC), met with His Excellency Shinzo Abe, Prime Minister of Japan, as well as senior government and corporate leaders during a see to Tokyo, as ADNOC seeks to expand strategic partnership and investment possibilities throughout the entire worth chain of its business.

To capitalize of the sharp development sought after for petrochemical products worldwide, and especially throughout Asia, ADNOC is focusing on substantially expanding its downstream profile, while continuing to be a reliable and trusted supplier of crude oil and refined products.

At the conference with Japan's Prime Minister, matters of shared passion were talked about, as the UAE and Japan look for to advance bilateral economic relationships, particularly in the oil, gas and petrochemical sectors.

Throughout the meeting, H.E. Dr Al Jaber communicated the regards of the UAE management and reaffirmed the solid, close and historical political, financial and trade connection in between the UAE and Japan. Discussions stressed on the deep calculated partnerships that both the UAE and Japan appreciate throughout a variety of sectors, in particular in power. H.E Dr. Al Jaber likewise clarified on ADNOC's new critical, detailed partnership and investment design that will enable the company's 2030 smart growth approach to be recognized.

" The UAE has deep rooted relations with Japan that span over four decades. At ADNOC, we place wonderful relevance on our strategic collaborations with Japan's power industry, which has contributed to a conditioning of the financial ties in between our two countries," said H.E. Dr Al Jaber.

" As we increase our focus on the expanding need for high-value petrochemical products, especially from Asia, we are introducing new partnership possibilities to broaden and strengthen our downstream business. To do so, we are eager to partner and deal with those that stand ready to join us on our downstream growth journey by sharing innovative technology, contributing resources and making it possible for market access."

Demand from Asia, for petrochemicals and plastics, is anticipated to more than dual by 2040. In feedback, ADNOC is carrying out a major downstream development targeted at tripling petrochemical production by 2025. More than 40 per cent of a $109 billion CAPEX program will certainly be invested over the following five years to diversify and grow ADNOC's downstream services. ADNOC plans to build the largest incorporated refining and petrochemical website on the planet, at Ruwais, that will convert 20 percent of ADNOC's crude to chemicals. The company is likewise on the right track to broaden crude ability to 3.5 million barrels each day to sustain future demand, particularly in Asia.

During the check out, H.E. Dr Al Jaber also consulted with H.E. Kono Taro, Japan's Foreign Minister and H.E. Hiroshige Seko, Minister of Economic Situation, Trade and Industry. The conversations focused on reinforcing the strategic connection in between the UAE and Japan by strengthening partnerships with Japan's power, petrochemical and modern technology industries.

ADNOC officials also discovered possibilities to take advantage of Japan's experience with expert system, big data and anticipating analytics, at a meeting with the Chiyoda Company, a big Japanese engineering company specialising in industrial centers, specifically oil refineries and LNG facilities.

As part of its transformation program, ADNOC is making tactical, commercially driven and targeted investments in advanced modern technologies, across its whole worth chain, focused on optimizing existing resources, while likewise recognizing and developing new, value-enhancing opportunities. These investments in AI and anticipating data will certainly allow the smart decision making essential to produce new operational understandings, drive performances and rationalise expenses, across the organisation.

Throughout his visit to Japan, H.E. Dr Al Jaber also met various partners from the power and banking industry, including Inpex, Mitsui, Idemitsu, JXTG Holdings, Marubeni, in addition to Mizuho Bank and the Mitsubishi UFJ Financial Group.

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