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The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on August 26 a loan agreement amounting up to USD378 million (JBIC portion) with Abu Dhabi Oil Co., Ltd. (ADOC). This loan is cofinanced with Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., and Sumitomo Mitsui Banking Corporation, bringing the overall cofinancing amount to USD630 million.
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The loan is intended to finance necessary funds for ADOC to develop a new oilfield (hereafter referred to as “Hail oilfield”) in the Emirate of Abu Dhabi (Abu Dhabi), the United Arab Emirates (UAE).
*1 The concession of this oilfield was acquired by ADOC from the Supreme Petroleum Council (SPC) of Abu Dhabi in 2011.
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In the “Basic Energy Plan,” decided by the cabinet on June 18, 2010, the Japanese government set forth the target of increasing its self-development ratio of oil and natural gas to 40% or more by 2030. A report by the “Natural Resources and Fuel Committee of the Advisory Committee for Natural Resources and Energy” (July 2015) also stressed the importance of maintaining this target.
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ADOC owns 100% of the concession rights of Mubarraz, Umm Al-Anbar, and Neewat Al-Ghalan oilfields (hereafter referred to as “the three oilfields”) located in the offing of Abu Dhabi, which is vital to Japan’s energy resource strategy as the emirate allows the entry of foreign companies on the basis of concession agreements. Since its establishment in 1968, ADOC has conducted the oilfield development and production as the operator and shipped all of the produced crude oil to Japan, contributing to the stable supply for Japan. The company also holds 100% of the concession of Hail oilfield located adjacent to the existing three oilfields and plans to carry out its development and production. This loan thereby contributes to the stable supply of crude oil to Japan and is in line with the Japanese government’s energy resource policy.
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As Japan's policy-based financial institution, JBIC will continue to actively support the development and acquisition of energy resources by Japanese companies and financially assist the securing of steady energy supply for Japan, as well as the maintaining and increasing of self-development ratio, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
