UAE's ADNOC Gas inks five-year deal with Japanese firm

DUBAI — The United Arab Emirates' ADNOC Gas has signed a five-year liquefied natural gas supply deal with Japan's JAPEX worth up to $550 million, it said on Thursday.

No volumes were revealed for the agreement, which follows Japanese Prime Minister Fumio Kishida's visit in July and ADNOC Gas's flotation on the Abu Dhabi stock exchange in March.

"Japan is one of the UAE's largest and most important energy partners and we are very pleased to strengthen this relationship through this LNG supply agreement with JAPEX," ADNOC Gas Chief Executive Ahmed Alebri said in a statement.

Asian countries are major customers of gas and oil from the resource-rich Gulf, which also provides the bulk of Japan's oil supplies.

ADNOC Gas, a subsidiary of oil giant ADNOC that aims to tap into growing demand for the cleaner-burning fuel, became operational in January before going public in a $2.5 billion initial public offering three months later.