Credit Line to Abu Dhabi National Oil Company under GREEN Operations
Promoting ADNOC’s Initiatives for Realizing Decarbonized Society and Creating Business Opportunities for Japanese Companies

• Region: The Middle East
• Environment
• Untied Loans

1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed today a general agreement with Abu Dhabi National Oil Company (ADNOC) to provide a credit line with ADNOC amounting to up to USD3 billion, of which JBIC's portion is USD1.8 billion^*1, under JBIC’s GREEN operations^*2.
     
2. The credit line is intended to provide the funds necessary for projects related to decarbonization and the energy transitions implemented by ADNOC or its subsidiaries in the United Arab Emirates (UAE) or internationally.
     
3. 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 as a fuel source, carbon capture and storage (CCS^*3), and other green energy initiatives.
     
4. 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 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 societies that Japan and UAE are aiming for.
     
5. 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 
   JBIC signed a Heads of Agreement (HOA) with ADNOC to proceed with further discussions for financing under JBIC’s GREEN operations. For details, see press release on January 23, 2024.
2. *2 
   See announcement on July 2, 2018.
3. *3 
   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.