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21 April 2024

Adnoc, JCIB sign $3b loan agreement

By Wam

Abu Dhabi National Oil Company (Adnoc) and the Japan Bank for International Cooperation (JBIC) yesterday signed a loan agreement amounting up to $3 billion (Dh11 billion).

The loan is co-financed with The Bank of Tokyo-Mitsubishi UFJ (agent bank), Sumitomo Mitsui Banking Corporation and Mizuho Corporate Bank.

The signing ceremony was attended by Abdulla Nasser Al Suwaidi, Adnoc Director General, Toshimitsu Motegi, the Japanese Minister of Economy, Trade and Industry, Yoshihiko Kamo, the Japanese Ambassador to the UAE and a number of senior officials from Adnoc Group.

Pursuant to the agreement, the loan is intended to finance Adnoc expansion projects aiming to enhance its oil and gas production to secure a long-term and stable supply of crude oil to Japan.

Matar Hamdan Al Ameri, the Finance Director signed for Adnoc and Fujio Hoshi, the JBIC CEO for Operations signed for the Japanese side in the presence of a number of senior officials from both sides.

The agreement aims at increasing further opportunities of mutual business development for Adnoc and the Japanese companies in the oil and gas sector, and realizing the long-term crude oil transaction between Adnoc and Japanese oil companies, thereby contributing to securing of stable energy supply to Japan.

Matar Hamdan Al Ameri Finance Director at Adnoc said that the UAE's oil and gas industry has realized great achievements which underscore the distinguished position of UAE in the international oil and gas sector.

He noted that the UAE is a very important country in formulating the Japanese Government energy resources as it is has been a stable and constant oil resource for Japan 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 affirming the importance of the agreement in strengthening comprehensive strategic partnership between Adnoc and the Japanese companies.

Adnoc and JBIC previously signed two Memorandum of Understanding and Loan Agreements (each valued up to $3 billion) in Abu Dhabi in 2007 & 2010. This new agreement will further strengthen a comprehensive and strategic partnership between Adnoc and JBIC.