Adnoc secures $ 3 billion loan from JBIC and four other banks – News

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The Japan Bank for International Cooperation (JBIC) provides $ 2.1 billion and Sumitomo Mitsui Banking Corporation (SMBC), the Tokyo branch of HSBC, Mizuho and MUFG provide the rest, JBIC said in the statement.



Adnoc and the public company JBIC have also signed a memorandum of understanding “to further strengthen the global strategic partnership” between them, focused on decarbonisation, energy transition and energy efficiency. – Photo file

By Yousef Saba

Posted: Sat, Nov 20, 2021, 4:46 PM

The state-owned Abu Dhabi National Oil Company (Adnoc) has signed a $ 3 billion loan agreement with Japan’s export credit agency and four other lenders, the agency said Thursday.

The Japan Bank for International Cooperation (JBIC) provides $ 2.1 billion and Sumitomo Mitsui Banking Corporation (SMBC), the Tokyo branch of HSBC, Mizuho and MUFG provide the rest, JBIC said in the statement.

“This facility is intended to provide the necessary support to Adnoc to ensure stable imports of crude oil by Japanese companies,” JBIC said.

The loan is Adnoc’s sixth facility with the participation of JBIC. The oil giant took out a similar loan of $ 3 billion in 2018, also $ 2.1 billion from JBIC and the rest from other banks.

Adnoc and the public company JBIC have also signed a memorandum of understanding “to further strengthen the global strategic partnership” between them, focused on decarbonisation, energy transition and energy efficiency.

JBIC said Abu Dhabi is “very important to Japan’s energy resources strategy” as a key supplier of crude for more than four decades, as well as enabling foreign oil companies to develop concessions in the emirate.

“In addition, Abu Dhabi has high potential in the decarbonization sector as it has abundant resources for renewable energy and underground structures suitable for CCS / CCU, and Adnoc is a leading organization in this sector,” JBIC said. , referring to carbon capture and storage. and use.

Adnoc said on LinkedIn on Thursday that the deal supports its 2030 strategy and helps diversify funding sources. – Reuters


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