(Bloomberg) – Abu Dhabi National Oil Co. Chief Executive Officer Sultan Al Jaber met with Japanese Prime Minister Sanae Takaichi in Tokyo on Thursday as the war in the Middle East chokes energy flows to Asia.
“While your energy security continues to be our priority, we will not be able to do much if there is any distortion in the Strait of Hormuz,” Al Jaber, who is also the United Arab Emirates’ minister for industry and advanced technology, said in Tokyo ahead of a another meeting with officials from Japan’s trade ministry.
Construction at ADNOC’s Ruwais LNG export facility, a major project for Japanese buyers including trading firm Mitsui & Co., is on track, Al Jaber said to press after his meeting with Takaichi. When asked whether construction has been suspended due to the ongoing situation, he answered “no.”
Japan is heavily reliant on Middle Eastern energy, and the effective closure of the Hormuz could have major implications for the country if it doesn’t reopen soon. At least one Japanese refiner has started canceling exports of diesel, jet fuel and gasoline for March, and the prospect of higher domestic fuel and power prices could derail Takaichi’s plans to tackle inflation.
Al Jaber met with Japanese Trade, Economy and Industry Minister Ryosei Akazawa earlier on Thursday. The Japanese minister also held an online meeting with Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud to discuss energy cooperation between the two nations, the trade ministry said in a statement on Wednesday.
