Abu Dhabi: The Abu Dhabi National Oil Company (Adnoc) and the Japan Bank for International Cooperation (JBIC) yesterday signed a loan agreement of up to $3 billion (Dh11 billion).
The loan will be co-financed by The Bank of Tokyo-Mitsubishi UFJ, Ltd (agent bank), Sumitomo Mitsui Banking Corporation and Mizuho Corporate Bank, Ltd.
The signing ceremony was attended by Abdullah Nasser Al Suwaidi, Adnoc director-general; Toshimitsu Motegi, Japanese Minister of Economy, Trade and Industry; Yoshihiko Kamo, Japanese Ambassador to the UAE; and a number of senior officials from the Adnoc Group.
The loan is meant to finance Adnoc’s expansion projects aimed at enhancing its oil and gas production to secure a long-term and stable supply of crude oil to Japan.
Matar Hamdan Al Ameri, Adnoc finance director, and Fujio Hoshi, JBIC CEO for Operations, signed the agreement in the presence of a number of senior officials from both sides.
The agreement aims to increase further opportunities of mutual business development for Adnoc and Japanese companies in the oil and gas sector, and realise long-term crude oil transactions between Adnoc and Japanese oil firms.
Al Ameri said that the UAE’s oil and gas industry has made great achievements which underscored the country’s distinguished position in the international oil and gas sector.
He noted that the UAE played an important role in Japan’s energy sector, having been a stable oil supplier to the country for more that 30 years.
He said that this agreement is fresh evidence to the great trust which the international community places in the UAE economy and affirmed the importance of the agreement in strengthening comprehensive strategic partnerships between Adnoc and Japanese companies.
Adnoc and JBIC previously signed two Memorandums of Understanding (MoUs) and loan agreements, each valued up to $3 billion, in Abu Dhabi in 2007 and 2010.