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Loan for Acquiring Samson Investment Company in U.S.
Supporting Japanese Company for Overseas Natural Resource Development through Acquisition of U.S. Oil and Gas Development Company

  • Region: North America
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2012-101
December 10, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today, a loan agreement amounting up to 308 million U.S. dollars (JBIC portion) with JD Rockies Resources Limited (JDR), a wholly owned subsidiary of ITOCHU Corporation (ITOCHU) in the U.S. The loan is cofinanced with private financial institutions with the overall cofinancing amount totaling 440 million U.S. dollars.
     
  2. This loan is intended to finance ITOCHU, through JDR, to provide funds necessary for the acquisition of about 25% equity share of Samson Investment Company (Samson), which has one of the largest crude oil and natural gas production volumes among unlisted exploration and production companies in the U.S. In particular, in recent years, the company is actively developing unconventional natural resources such as shale oil and gas.
     
  3. In this project, ITOCHU plans to participate in development of unconventional natural resources in the U.S. through the acquisition of Samson's equity share, and a portion of the natural gas produced will be offtaken by ITOCHU. Furthermore, ITOCHU, as a share holder of Samson, plans to acquire knowhow on unconventional natural resource development and operation through this project. This will also help Japanese companies expand opportunities to participate in unconventional natural resource development which is expected to grow.
     
  4. JBIC will continue to actively support the further development and acquisition of interests by Japanese companies in energy resources and mineral resources.

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