JERA Global Markets Inks LNG Supply Agreement With ADNOC Gas
18 Oct 2023
Singapore/Abu Dhabi, UAE, 18 October 2023 – JERA Global Markets Pte. Ltd. (“JERA Global Markets”) and ADNOC Gas plc have signed a multi-year LNG supply agreement. Under the terms of the agreement valued between US$500 million (AED 1.8 billion) and US$700 million (AED 2.5 billion), the contracted LNG volumes will be supplied from ADNOC Gas’ Das Project and will be delivered to JERA Global Markets’ global supply portfolio.
“We are pleased to re-establish our LNG partnership with ADNOC Gas as the JERA group continuously looks towards strengthening our global LNG portfolio with stable, flexible, and competitive LNG supply, which is essential in the energy transition,” said Kazunori Kasai, Chief Optimisation Officer, JERA Co., Inc. and Chairman, JERA Global Markets.
Commenting on the agreement, Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: “This LNG supply agreement marks a significant milestone in ADNOC Gas’ long-standing strategic partnership with JERA Co., Inc, demonstrating our continuous and shared commitment for advancing sustainability in the energy sector and supporting a reliable and cleaner energy future for Japan and beyond.”
This agreement builds on the long-standing bilateral relationship between the UAE and Japan. ADNOC’s LNG production facilities on Das Island were constructed in the 1970's to serve Tokyo Electric Power Company (now one of the parent companies of JERA Co., Inc.), and this new supply agreement renews and further enhances mutual trust in this enduring partnership.
Photo credit: ADNOC Gas (Das Island)
About JERA Global Markets
JERA Global Markets (JERAGM) is a leading utility-backed seaborne energy trader. A joint venture between majority shareholder JERA Co., Inc. and EDF Trading, JERAGM’s shareholders are among the world’s major utilities. JERAGM operates one of the largest energy portfolios in the world which gives it an in-depth understanding of the way local, regional and international energy markets behave. Headquartered in Singapore, JERAGM has a global talent pool of more than 250 people across offices located in four strategic locations: Singapore, Japan (Tokyo), the UK (London) and the US (Baltimore). JERAGM is strongly capitalised with over US$500 million in paid up capital and a total equity of US$3 billion. JERAGM has retained its A+ Stable rating from R&I, attributable to a robust business model and solid financial base. For more information, visit www.jeragm.com.
About ADNOC Gas
The ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-scale integrated gas processing company operating across the gas value chain, from receipt of raw gas feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae.