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Loan for Acquisition of Interests and Development of Shale Gas in Canada
Supporting Acquisition of Interests and Development of Shale Gas by Japanese Companies

  • Region: North America
  • Energy and Natural Resources
  • Overseas Investment Loans

March 30, 2015
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement amounting up to USD375 million (JBIC portion) with JAPEX Montney Ltd. (JML), a Canadian company owned 45% by Japan Petroleum Exploration Co., Ltd. (JAPEX), 45% by Japan Oil, Gas and Metals National Corporation and 10% by MGC Montney Holdings Ltd, a Canadian company wholly owned by MITSUBISHI GAS CHEMICAL COMPANY, INC. The loan is co-financed with Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to USD750 million.
     
  2. The loan is intended to finance JML's acquisition of 10% interests of shale gas mining area in North Montney, British Columbia, from a subsidiary of Malaysia's Petroliam Nasional Berhad (Petronas), and shale gas development and production in such area with Petronas's subsidiary and other partners.
     
  3. Canada geographically has great potential as a new supplier of liquefied natural gas (LNG) for Asia Pacific markets with a large reserve of shale gas. The natural gas produced by this project will be liquefied at a liquefaction plant to be built on the west coast of British Columbia and be exported to the Asian region including Japan. Thus, this project is expected to contribute to the diversifying LNG supply sources into Canada that is geopolitically stable, as a new source of LNG supply to Japan.
     
  4. As Japan's policy-based financial institution, JBIC will continue to financially support the acquisition of interests and development of energy resources by Japanese companies, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.

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