Tokyo - INPEX CORPORATION (INPEX) announced today that it has signed a Memorandum of Understanding (MOU) with ADNOC Logistics & Services on LNG bunkering partnership in United Arab Emirates.
Under the MOU, INPEX and ADNOC L&S, a wholly-owned subsidiary of ADNOC, will explore opportunities for LNG bunkering in the UAE as well as the potential to jointly expand LNG bunkering activities to cover other regions, including Southeast Asia.
The use of LNG as a fuel on non-LNG carriers is expected to grow significantly as ship owners seek new compliance solutions to meet the 2020 IMO's global sulphur cap. The UAE is strategically located as a major bunkering hub and is a reliable producer and exporter of LNG, through ADNOC LNG.
The agreement was signed by Capt. Abdulkareem Al Masabi, CEO of ADNOC L&S, and Mr. Shigeharu Yajima, SVP Global Energy Marketing Division, INPEX.
Capt. Abdulkareem Al Masabi said: 'ADNOC L&S has a long established history in LNG Shipping as well as Bunkering Operations. Our goal, through this partnership, is to offer safe and efficient LNG fuelling solutions to our customers. With the support of our sister company, ADNOC LNG, as well as our Partner, INPEX, we see a significant opportunity to become a major player in the LNG bunker market.'
Mr. Shigeharu Yajima said: 'It is our great pleasure to announce that we continue to expand our excellent partnership with ADNOC, building on our long-term relationship in the upstream sector. ADNOC and INPEX share the responsibility, as global energy companies, to provide our customers with a safe and efficient fuel that is compliant to international emissions regulations. As outlined in VISION 2040, our long-term corporate vision, we will look to develop gas demand in Asia and other growing markets. LNG bunkering will be a key component to the creation of natural gas demand. INPEX aims to become a key player in natural gas development and supply in the Asia & Oceania region during the period until 2040.'
INPEX and ADNOC have a strong and well-established partnership since 1973 when INPEX was awarded a part of the ADNOC Offshore (Abu Dhabi Marine Area) concession. In addition to Upper Zakum concession and Abu Dhabi Onshore concession, in February 2018, ADNOC awarded INPEX a participating interest in the Lower Zakum concession offshore Abu Dhabi as well as a 25-year extension of the Satah and Umm Al Dalkh concession, also offshore Abu Dhabi.
ADNOC is a major diversified group of energy and petrochemical companies that produces about 3 million barrels of oil and 10.5 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are carried out by 14 specialist subsidiary and joint venture companies.
About ADNOC Logistics & Services
ADNOC Logistics & Services provides world-class shipping, maritime, port, and logistics, serving ADNOC and international customers. ADNOC Logistics & Services is a crucial link in the ADNOC supply chain, delivering the Group's oil, gas, petroleum and dry bulk products from Abu Dhabi to the world and also serving global customers. ADNOC Logistics & Services is 100% owned by ADNOC.
INPEX CORPORATION is Japan's largest exploration and production (E&P) company, and a mid-tier E&P player just behind the world's oil majors. INPEX is currently involved in approximately 70 projects across more than 20 countries, including the Ichthys LNG Project in Australia as Operator. Through sustainably growing its oil and gas development business, developing a global gas value chain business and reinforcing its renewable energy initiatives, INPEX aims to become a leading energy company and continue providing a stable and efficient supply of energy to its customers.