JBIC and ADNOC at signing
The UAE is an important country for Japan’s resource strategy since it has been a stable source of crude oil to Japan for more than 30 years. In addition, Abu Dhabi allows entry of foreign oil companies based on concession agreements. In Abu Dhabi, a hub of oil / gas production in the UAE, oil and gas business is conducted by Abu Dhabi National Oil Company (ADNOC), a company wholly owned by the Government of Abu Dhabi.
JBIC and ADNOC signed an MOU and a loan agreement valued up to 3 billion dollars. The objective of the MOU is to mutually recognize that the grant of new concessions to Japanese entities and the renewal of existing concessions involving Japanese entities are significant objectives of the JBIC mandate and thereby further strengthen a comprehensive and strategic partnership between JBIC and ADNOC. The loan was cofinanced with private financial institutions, and aims to secure a stable crude oil supply from ADNOC.