Bloomberg News

Japan’s Trade Minister to Meet Adnoc Chief to Extend Oil Rights

October 06, 2011

Oct. 6 (Bloomberg) -- Japanese Trade Minister Yukio Edano will meet Abu Dhabi National Oil Co.’s Director General Abdullah Nasser al-Suwaidi on Oct. 9 to discuss the extension of oil field concessions, including Adma block.

Besides the head of the state-run producer in the United Arab Emirates, Edano will meet on the same day in Abu Dhabi with Salem al Dhaheri, secretary general for the Supreme Petroleum Council, which decides the country’s oil policy. He will meet Saudi Arabian Oil Minister Ali al-Naimi on the next day in Riyadh, according to the document released by the ministry.

Saudi Arabia and the U.A.E., Japan’s two largest suppliers of oil, provide more than 50 percent of the country’s needs, according to the data compiled by the ministry.

“Visiting the Middle East is one of the important missions of the trade minister,” Kenji Totoki, director for the Middle East and Africa division at the trade ministry, told reporters in Tokyo. “Apart from concession rights, the ministers will discuss cooperation on renewable energy as they plan to use more renewable energy at home so that they can export more crude and oil products.”

The concession right of the Adma Block held by the Inpex Corp.’s subsidiary Japan Oil Development Co. will expire in 2018, Tokyo-based company spokesman Keisuke Yano said. The trade ministry owns almost 19 percent, or the largest share, of Inpex. The Adma block includes Umm Shaif, Lower Zakum and Upper Zakum fields, according to Inpex’s website.

Edano will also meet Crown Prince Sheik Mohammed bin Zayed, who heads state-owned investor Mubadala Development Co. in Abu Dhabi and Saudi’s Commerce and Industry Minister Abdullah bin Ahmed Zainal Alireza in Riyadh, the ministry said.

--Editors: Mike Anderson, Ryan Woo.

To contact the reporter on this story: Yuji Okada in Tokyo at yokada6@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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