Abu Dhabi National Oil Company aims to deepen ties with Japanese petrochemicals firms as it looks to expand its downstream activities and make better use of advanced technology, it said on Friday.
“As we increase our focus on the growing demand for high-value petrochemical products, especially from Asia, we are introducing new partnership opportunities to expand and strengthen our downstream business,” said Dr Sultan Al Jaber, UAE Minister of State and Adnoc group chief executive.
“To do so, we are keen to partner and work with those who stand ready to join us on our downstream expansion journey by sharing advanced technology, contributing capital and enabling market access.”
Demand from Asia for petrochemicals and plastics is forecast to more than double by 2040, Adnoc said. In the Asia region, growth is set to be led by China, which accounted for 13 per cent of petrochemical oil consumption in 2016, according to the International Energy Agency; Korea, which accounted for 8 per cent, and Japan, which accounted for 6 per cent. Outside the region, the European Union-led demand, accounting for 14 per cent of total consumption.
Japan is one of the UAE’s strongest trading partners, with bilateral trade volumes reaching $25 billion (Dh91.81bn) in 2016, state news agency Wam said in December.
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Read more:
Adnoc explores petchems, technology partnership with China
Abu Dhabi to increase petrochemical production capacity beyond current targets
Adnoc to invest Dh400bn as it eyes downstream expansion
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In 2015, Japan was the largest importer of crude oil from the UAE, which accounted for 26 per cent of Japan’s total crude oil imports that year.
Mr Al Jaber met with Shinzo Abe, the prime minister of Japan, on a recent state visit with Adnoc officials to discuss partnership and investment opportunities.
During the visit, Adnoc officials met with Japanese companies such as industrial engineering firm Chiyoda Corporation, Inpex, Mitsui, Idemitsu, JXTG Holdings, Marubeni, Mizuho Bank and the Mitsubishi UFJ Financial Group, and explored opportunities to tap the fields of artificial intelligence, big data and predictive analytics to support its business.
Adnoc plans to invest more than 40 per cent of a total $109bn capital expenditure over the next five years to diversify and grow its downstream businesses as part of a strategy to triple petrochemical production by 2025.
It is building the largest integrated refining and petrochemical site in the world, at Ruwais, aimed at converting 20 per cent of Adnoc’s crude to chemicals.
The company is also on track to expand crude capacity to 3.5 million barrels per day to support future demand, particularly in Asia, Adnoc said.
“The UAE has deep-rooted relations with Japan that span over four decades,” Mr Al Jaber said. “At Adnoc, we place great importance on our strategic partnerships with Japan’s energy sector, which has contributed to a strengthening of the economic ties between our two countries.”
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHayvn%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChristopher%20Flinos%2C%20Ahmed%20Ismail%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Efinancial%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%2044%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseries%20B%20in%20the%20second%20half%20of%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHilbert%20Capital%2C%20Red%20Acre%20Ventures%3C%2Fp%3E%0A
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Abu Dhabi Sustainability Week
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
