Loan for Renewal of an Oil Field Interest in Abu Dhabi of UAE

abarrelfullabarrelfull wrote on 09 Nov 2012 13:42
Tags: jbic m-east uae upstream

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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a loan agreement amounting to 150 million U.S. dollars (JBIC portion) with Abu Dhabi Oil Co., Ltd. (ADOC). This loan is cofinanced with Mizuho Corporate Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., and Sumitomo Mitsui Banking Corporation, which brings the overall cofinancing amount to 250 million U.S. dollars.

The loan is intended to provide finance for ADOC to renew the interest of the currently operating ADOC owned Mubarraz, Umm Al-Anbar and Neewat Al-Ghalan Oil Fields in the Emirate of Abu Dhabi of United Arab Emirates (UAE). ADOC has been producing crude oil in the Emirate of Abu Dhabi since 1973, with all the crude oil output being shipped to Japan.

UAE is the second largest crude oil exporter for Japan, following Saudi Arabia, (accounting for about 23% of Japan’s total crude oil imports in 2011). The Emirate of Abu Dhabi, which produces most of the crude oil in UAE, is also one of the few cases among the Middle Eastern oil-producing countries that allow the entry of foreign-affiliated companies to operate on the basis of concession agreements. By supporting the renewal of the concession agreement, this loan is expected to contribute to securing a long-term and stable supply of crude oil independently developed by Japanese companies, and thus contributing to Japan’s energy security.

JBIC will continue to actively support Japanese businesses and promote the development and acquisition of energy and mineral resources by drawing on its various financial facilities and schemes for structuring projects, and by performing its risk-assuming function, thereby contributing to Japan's energy security.

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