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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed today a loan agreement amounting to up to USD252 million (JBIC portion) with WHITE EAGLE ENERGY LIMITED (WHITE EAGLE), a Cypriot company wholly owned by Mitsui O.S.K. Lines, Ltd. (MOL). The loan is co-financed with Sumitomo Mitsui Banking Corporation and Crédit Agricole Corporate and Investment Bank.
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The loan is intended to finance the funds necessary for WHITE EAGLE to own a newly built floating storage and regasification unit (FSRU) and provide vessel chartering services, including leasing, operation, and maintenance, to Operator Gazociągów Przesyłowych GAZ-SYSTEM S.A., a state-owned gas transmission system operator in Poland.
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Poland has a high proportion of coal-fired power generation, backed by its abundant domestic coal resources. “The Energy Policy of Poland until 2040 (PEP2040)”, the energy transition roadmap, aims to reduce the proportion of coal in electricity production to 56% by 2030 and introduce renewable energy and nuclear power by 2040, utilizing gas as a transitional energy source. Through this loan, JBIC will contribute to the energy transition in Poland by supporting the introduction of the country’s first FSRU and enhancing the capacity to regasify liquified natural gas (LNG).
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As the only company in Asia that owns and operates FSRUs, MOL has positioned the FSRU business as a future driver of sustainable growth for the MOL group. This loan will support MOL in maintaining and enhancing its operational and maintenance know-how for FSRUs, contributing to MOL’s improved international competitiveness in the marine development sectors.
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As Japan's policy-based financial institution, JBIC will continue to financially support the overseas business expansion of Japanese companies by drawing on its various financial facilities and schemes for structuring projects, and by performing its risk-assuming function.
