(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 2nd February, 2018 (WAM) -- Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and Group CEO of the Abu Dhabi National Oil Company, ADNOC, has met with Shinzo Abe, Prime Minister of Japan, as well as senior government and corporate leaders, during a visit to Tokyo, as ADNOC seeks to expand strategic partnership and investment opportunities across the entire value chain of its business.
To capitalise on the sharp growth in demand for petrochemical products globally, and particularly across Asia, ADNOC is focusing on significantly expanding its downstream portfolio, while remaining a reliable and trusted supplier of crude oil and refined products.
At the meeting with Japan's Prime Minister, matters of mutual interest were discussed, as the UAE and Japan seek to advance bilateral economic relations, particularly in the oil, gas and petrochemical sectors.
During the meeting, Dr. Al Jaber conveyed the regards of the UAE leadership and reaffirmed the strong, close and longstanding political, economic and trade relationship between the UAE and Japan. Discussions emphasised on the deep strategic partnerships that both the UAE and Japan enjoy across a variety of sectors, in particular in energy. He also elaborated on ADNOC's new strategic, comprehensive partnership and investment model that will enable the company's 2030 smart growth strategy to be realised.
"The UAE has deep-rooted relations with Japan that span over four decades. At ADNOC, we place great importance on our strategic partnerships with Japan's energy sector, which has contributed to a strengthening of the economic ties between our two countries," said Dr. Al Jaber.
"As we increase our focus on the growing demand for high-value petrochemical products, especially from Asia, we are introducing new partnership opportunities to expand and strengthen our downstream business. To do so, we are keen to partner and work with those who stand ready to join us on our downstream expansion journey by sharing advanced technology, contributing capital and enabling market access."
Demand from Asia for petrochemicals and plastics is forecast to more than double by 2040. In response, ADNOC is undertaking a major downstream expansion aimed at tripling petrochemical production by 2025. More than 40 percent of a $109 billion CAPEX programme will be invested over the next five years to diversify and grow ADNOC's downstream businesses. ADNOC plans to build the largest integrated refining and petrochemical site in the world, at Ruwais, that will convert 20 percent of ADNOC's crude to chemicals. The company is also on track to expand crude capacity to 3.5 million barrels per day to support future demand, particularly in Asia.
During the visit, Dr. Al Jaber also met with Kono Taro, Japan's Foreign Minister, and Hiroshige Seko, Minister of Economy, Trade and Industry. The discussions focused on strengthening the strategic relationship between the UAE and Japan by deepening partnerships with Japan's energy, petrochemical and technology sectors.
ADNOC officials also explored opportunities to tap into Japan's experience with artificial intelligence, big data and predictive analytics, at a meeting with the Chiyoda Corporation, a large Japanese engineering company specialising in industrial facilities, particularly oil refineries and LNG facilities.
As part of its transformation programme, ADNOC is making strategic, commercially driven and targeted investments in advanced technologies, across its entire value chain, aimed at maximising existing resources, while also identifying and developing new, value-enhancing opportunities. These investments in AI and predictive data will enable the smart decision making necessary to generate new operational insights, drive efficiencies and rationalise costs, across the organisation.
During his visit to Japan, Dr. Al Jaber also met with various partners from the energy and banking industry, including Inpex, Mitsui, Idemitsu, JXTG Holdings, Marubeni, as well as Mizuho Bank and the Mitsubishi UFJ Financial Group.
WAM/Esraa Ismail
MENAFN300202201800490000ID1096407529
--MENAFN300202201800490000ID1096407529-->
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.