JBIC concluded a memorandum of understanding (MOU) on cooperation in the environment sector with Abu Dhabi National Oil Company (ADNOC), a state-run oil company fully owned by the government of the Emirate of Abu Dhabi. ADNOC operates an oil and gas business in the emirate of Abu Dhabi, the leader in oil and gas production in the UAE. JBIC has previously concluded three MOUs with ADNOC in the field of oil and gas, but the latest MOU extends the cooperative relationship to the environmental field. The UAE is an extremely important country in Japan's resource strategy for reasons such as having been a stable supplier of oil over the past 30 years. The conclusion of this MOU with ADNOC is in line with the Joint Statement issued by both countries*1 as well as ADNOC's policies, which include reducing greenhouse gas (GHG) emissions, utilizing renewable energy, promoting a sustainable environment and ecology, while making effective use of energy and water resources, and will lead to a stronger relationship between Japan and the UAE.
- *1The Joint Statement on the Strengthening of the Comprehensive Partnership between Japan and the UAE towards Stability and Prosperity, which expands the multi-level partnership between Japan and the UAE. It confirms with the head of the UAE the comprehensive partnership in a wide range of fields, including politics, business, culture, and personnel exchanges, It was announced when Japanese Prime Minister Abe visited the UAE in May 2013. The desire to strengthen that comprehensive partnership was confirmed by Prime Minster Abe when H.H. General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, visited Japan in February 2014.