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ADNOC & JBIC Sign an MoU & Loan Agreement

Source: www.gulfoilandgas.com 11/4/2010, Location: Middle East

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Abu Dhabi National Oil Company (ADNOC) and The Japan Bank for International Cooperation (JBIC) have signed a Memorandum of Understanding and a Loan Agreement valued up to 3 billion US dollars in Abu Dhabi on November 2nd.

H.E. Yousef Omair bin Yousef, Secretary General of the Supreme Petroleum Council and ADNOC CEO, and Mr. Hiroshi Watanabe, JBIC President and CEO, conducted the signing at a ceremony in the presence of Mr. Yoshikatsu Nakayama, Japan’s Vice Minister of Economy, Trade and Industry that took place at the Shaikh Khalifa Energy Complex.

The signed MoU aims to further strengthen the comprehensive and strategic partnership already established between ADNOC and JBIC in a previous MoU signed in April 2007. This has the objective to mutually recognize that the grant of new concessions to Japanese entities and the renewal of existing concessions involving Japanese entities are significant objectives of the JBIC mandate and thereby further strengthen a comprehensive and strategic partnership between JBIC and ADNOC.

Furthermore, the 3 billion US dollars Loan Agreement was co-financed with the Bank of Tokyo-Mitsubishi UFJ (lead arranger), Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation, BNP Paribas, Tokyo Branch and Citibank Japan.

ADNOC, a Government of Abu Dhabi state-run and owned company, conducts oil and gas business in the Emirate of Abu Dhabi and owns most of the oil and gas reserves and production facilities in UAE. The UAE is an important country for Japan’s resource strategy since it has been a stable source of crude oil to Japan for more than 30 years. The UAE is one of the few countries that allows entry of foreign oil companies to participate in the upstream segment based on concession agreements. Further strengthening the relationship with ADNOC will support the grant of new concessions and renewal of existing ones involving Japanese entities, therefore contributing to a stable supply of energy resources to Japan.

Japan’s Basic Energy Plan, revised in June this year, recognized “strengthening bilateral ties with the countries endowed with natural resources” as a concrete effort to secure a stable supply of oil resources. The signing of this MoU and the Loan Agreement comes in line with the Japanese Government energy policy. It will strengthen bilateral ties between Japan and the resource-endowed country strategically important to Japan.

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