JBIC Signs HOA with ADNOC
Promoting Business Expansion of Japanese Companies and ADNOC’s Initiatives for Realizing Decarbonized Society

• Region: The Middle East
• Energy and Natural Resources
• Infrastructures
• Environment

1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on January 22 a Heads of Agreement (HOA) with Abu Dhabi National Oil Company (ADNOC) to proceed with further discussions for financing under JBIC’s GREEN operations^*1.
     
2. ADNOC is a leading energy company wholly owned by the Emirate of Abu Dhabi (Abu Dhabi) with a clear intent to decarbonize its operations. ADNOC has an ambition of achieving net zero emissions by 2045, promoting renewable energy, hydrogen and ammonia, carbon capture and storage (CCS^*2), and other green energy initiatives. The HOA is intended to aim at building a consensus in which JBIC will provide a credit line to ADNOC under GREEN operations to support projects related to decarbonization and the energy transition implemented by ADNOC or its subsidiaries.
     
3. As a stable and important supplier of crude oil to Japan for more than 40 years, Abu Dhabi is a strategic partner and very important ally for Japan's energy resource strategy. In addition, Abu Dhabi has high potential in the sector of decarbonization and energy transition as it has abundant resources for renewable energy and subterranean structures suitable for CCS. The credit line sought to be extended under the HOA aims to support ADNOC’s initiatives for decarbonization and create opportunities for collaboration between Japanese companies and ADNOC, and it is expected to contribute toward realizing the decarbonized society that Japan and Abu Dhabi are aiming for.
     
4. As Japan's policy-based financial institution, JBIC will continue to provide financial support for sustainable development efforts, including those for global environmental preservation, by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
     

Note

1. *1 
   See Announcement on July 2, 2018.
2. *2 
   Carbon dioxide Capture and Storage (CCS) is a technology that separates and captures carbon dioxide that would otherwise become a greenhouse gas and stores it in deep waterbeds or geological formations.