Adnoc Secures $ 3 Billion Loans From JBIC and Four Other Banks – News

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



Adnoc and the state-run JBIC also signed a letter of intent “to further strengthen the comprehensive strategic partnership”, which focuses on decarbonization, energy transition and energy efficiency. – File photo

By Yousef Saba

Released: Sat, 11/20/2021, 4:46 pm

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

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

“This facility is intended to provide Adnoc with the support it needs to ensure stable crude oil imports for Japanese companies,” said JBIC.

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

Adnoc and the state-run JBIC also signed a letter of intent “to further strengthen the comprehensive strategic partnership”, which focuses on decarbonization, energy transition and energy efficiency.

JBIC said Abu Dhabi has been “very important to Japan’s energy resources strategy” as a major supplier of crude oil for over four decades, allowing foreign oil companies to develop concessions in the emirate.

“Abu Dhabi also has great potential in the decarbonization sector as it has abundant renewable energy resources and underground structures suitable for CCS / CCU, and Adnoc is a leading organization in this sector,” JBIC said with reference to CO2 -Deposition and storage and use.

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


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