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Head of Abu Dhabi state-run oil firm expects continued cooperation with Japan

  • February 3, 2018
  • , Nikkei , p. 13
  • JMH Translation

Negotiations are moving into the final stage over a stake that Japan has overseas in its largest self-developed oil field in Abu Dhabi in the United Arab Emirates, as it will expire in March. Abu Dhabi National Oil Company CEO Al Jaber, who was in Japan, answered Nikkei’s interview in writing, saying that “our relationship of cooperation with Japan will continue down the road.” He commended Inpex Corporation for its contributions made over the years as a stakeholder.  

 

Japan’s oil interests will expire in about a month. Yet whether it will be renewed is still up in the air. China and India are also looking to win interests to meet their growing oil demand at home. “Over ten potential partners across the globe are interested in acquiring interests,” said Al Jaber. “We want our new partners to make contributions to Abu Dhabi, just like Japan has done over the years.”

 

Asked when to announce the outcome of negotiations, he only mentioned that “we will make an announcement at an appropriate time.” He revealed that Abu Dhabi will call on companies seeking to acquire oil interests to make wide-ranging contributions to the Middle Eastern firm for its management reform, such as expanding sales in the burgeoning Asian market, jointly investing in new projects and providing technical how-how and funds.

 

He also announced plans to invest about 5 trillion yen in petrochemical projects at home and abroad and increase petrochemical output 2.5 times by 2025. Just like Saud Arabia, Abu Dhabi sets the goal of weaning itself off an economic structure that depends on crude oil exports.

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