The Abu Dhabi National Oil Company (ADNOC) has signed a tri-partite memorandum of cooperation with Japan’s Ministry of Economy, Trade and Industry (METI) and the Japan Oil, Gas and Metals National Company (JOGMEC).
The memorandum was signed by Sultan Ahmed Al-Jaber, UAE minister of state and ADNOC Group CEO; Hiroshige Seko, Japan’s minister of economy, trade and industry; and Keisuke Kuroki, president of the Japan Oil, Gas and Metals National Company. It establishes a framework for cooperation on strategic business development, upstream technical cooperation, and training and development programs for ADNOC employees.
Al-Jaber described Japan as one of the UAE and ADNOC’s longest-standing and most important partners and customers. “The long-term energy partnership between Japan and the UAE is one that goes back to before the establishment of ADNOC, with Japanese companies playing, and continuing to play, an important role in the development and expansion of the country’s oil and gas industry,” he said.
“Today we are strengthening that partnership by pursuing new opportunities that will help us unlock greater value from our resources. This is a clear example of how our expanded approach to partnerships presents unique opportunities for both new and existing partners to invest alongside ADNOC to capture growth opportunities and deliver future prosperity.”
ADNOC has supplied Japan with oil, gas and refined products since its foundation in 1971. It is Japan’s second-largest supplier of crude oil and a major supplier of gas and refined products.
Minister Seko said: “This memorandum of cooperation marks a new phase in Japan’s long and successful relationship with ADNOC, an important and valued energy supplier. In common with ADNOC, we believe the changing oil and gas market dynamics require a smart response, one based on long-term, value and partnerships that create new opportunities and drive economic growth. We look forward to working closely with ADNOC across its full value chain.”
In 2016, ADNOC’s crude oil exports to Japan averaged 513,000 bpd, which represented around 25 percent of Japan’s crude oil imports. In January, Japan’s Ministry of Economy, Trade and Industry extended its agreement with ADNOC to store crude oil at the Kiire Oil Terminal, in Kagoshima City, for two years.
ADNOC strengthens energy partnership with Japan
ADNOC strengthens energy partnership with Japan
Sulaiman Al-Rajhi Endowment projects worth SR8bn launched in Makkah
Sulaiman Al-Rajhi Real Estate Company has announced the launch of several real estate projects belonging to the Sulaiman Al-Rajhi Endowment system in Makkah, with a total investment exceeding SR8 billion ($2.1 billion). These projects include commercial, residential, and hospitality developments, as well as strategic land plots, as part of the company’s commitment to supporting the Kingdom’s real estate sector and enhancing the quality of life in the holy city.
The announcement was made during a field tour by a delegation of high-level officials including Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites; Ihsan Bafakih, chairman of the board of directors of Sulaiman bin Abdulaziz Al-Rajhi Holding Company; Haitham Al-Fayez, chairman of Sulaiman Al-Rajhi Real Estate Company and CEO of Sulaiman Al-Rajhi Holding Company; Moath Al-Mukhudub, managing director and CEO of Sulaiman Al-Rajhi Real Estate Company; and Anas Mansour Abadi, CEO of real estate at Sulaiman Al-Rajhi Holding Company and representative of the Sulaiman Al-Rajhi Endowment, alongside members of the board of directors of both the holding and real estate companies and the executive team.
The tour included the launch of the Tilal Towers project, with an investment value of SR2 billion, featuring more than 2,500 hotel rooms, strengthening the hospitality sector in Makkah.
The delegation also visited the Tilal Village project, valued at SR2.8 billion. It is one of the prominent qualitative projects within the hospitality ecosystem in Makkah.
Furthermore, the visit covered the residential buildings within Tilal Village, comprising 828 units, with an investment of SR800 million. The delegation inspected the specialized hospital, medical complex housing, and the office and commercial plazas.
During the tour, a contract was signed for the Al-Rajhi Center project, valued at SR250 million, as part of a comprehensive rehabilitation plan.
The inspection also included the Al-Ukayshiyyah land, spanning 4 million square meters, and the Al-Ghazzawi project land, valued at SR250 million.
The tour concluded with prayers at the Aisha Al-Rajhi Mosque, the second-largest mosque in Makkah after the Grand Mosque, with a capacity for 50,000 worshippers.
This visit underscores the importance of these investments, which represent a clear direction toward enhancing the management of the endowment’s assets through diversification, redevelopment, and strategic expansion, in line with the development goals of the Makkah city and Saudi Vision 2030.
Sulaiman Al-Rajhi Real Estate, a subsidiary of Sulaiman bin Abdulaziz Al-Rajhi Holding Company, continues to provide innovative solutions to elevate the real estate sector to international standards.
