TOKYO: Japan’s Inpex Corp, JERA, and Japan Oil, Gas and Metals National Corp. (JOGMEC) said on Thursday they had agreed with Abu Dhabi National Oil Company (ADNOC) to explore the feasibility of producing ammonia in the UAE.
Inpex, Japan’s biggest oil and gas company, JERA, Japan’s biggest power generator, and state-run JOGMEC will work with ADNOC to study the commercial potential of producing and transporting ammonia to Japan, they said in a statement.
Ammonia is used for fertilizer and industrial materials, but is also seen as an effective future energy source, along with hydrogen. It does not emit carbon dioxide when burned, but its production produces emissions if it is made with fossil fuel.
The four companies plan to explore the feasibility of producing ammonia with a reduced carbon footprint from natural gas-derived hydrogen, with most of the CO2 emitted from the production of ammonia to be sequestered and utilized in enhanced oil recovery operations at Abu Dhabi onshore oil fields.
They aim to complete the joint study by November, a JERA spokesman said.
Japan has set a target to grow the nation’s ammonia fuel demand to 3 million tons a year by 2030 from zero now and to create a new supply chain of the fuel in a bid to cut CO2 emissions and combat climate change.
ADNOC to explore feasibility of ammonia production in UAE with Japanese firms
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ADNOC to explore feasibility of ammonia production in UAE with Japanese firms
- Ammonia is used for fertilizer and industrial materials, but is also seen as an effective future energy source, along with hydrogen
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
