JBIC signed a memorandum of understanding (MOU) with Abu Dhabi National Oil Company, a state-run oil company wholly owned by the government of Abu Dhabi.
JBIC has signed with ADNOC a succession of MOU in the oil and gas sector, as well as the environmental sector. This MOU is intended to further expand and develop such a cooperation agreement in the oil and gas sector. Above all, it allowed both parties to mutually recognize that the granting of new concessions to and the renewal of existing concessions involving Japanese entities are significant objectives for Japan.
The UAE is vital to Japan's energy resource strategy because the UAE allows the entry of foreign oil companies to operate on the basis of concession agreements regarding oil fields. The strengthening of this relationship through the MOU is in line with Japan's energy resource policies targeting an increase in the self-development ratio*1 of oil and natural gas to 40% or more by 2030 under the "Basic Energy Plan."
- *1The ratio of self-development is defined as the percentage of the trade volume of petroleum and natural gas (including domestic production) which is under the control of Japanese companies out of the total of the import volume and domestic production volume of petroleum and natural gas.