JBIC signs loan agreements with ADNOC to renew oilfield concessions

oilfield haymarketrebel flickrJapan depends on Abu Dhabi for about a quarter of crude oil imports. (Image source: Haymarketrebel/Flickr)Japan’s Bank for International Cooperation (JBIC) has signed a US$2.1bn loan agreement with Abu Dhabi’s ADNOC to secure long-term oil supplies

In addition to JBIC, the Bank of Tokyo-Mitsubishi UFJ will provide additional financing, taking the total loan amount to US$3.3bn.

Through these loan agreements, Japan can renew oilfield concessions in Abu Dhabi, 60 per cent of which are set to expire in 2018.

“Under such circumstances, the objective of this facility is to give indirect support towards the renewal of such offshore oil field concessions,” an official from JBIC said.

JBIC and other Japanese banks have provided three other loan facilities to ADNOC since 2007. Other co-financing firms are Sumitomo Mitsui Banking Corporation, Mizuho Bank, Mitsubishi UFJ Trust and Banking Corporation, Citibank Japan Ltd, Sompo Japan Nipponkoa Insurance Inc, and Sumitomo Mitsui Trust Bank.

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