Gulf Oil and Gas accountACCOUNT

ADNOC & JBIC Sign an MoU & Loan Agreement

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

Share |
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.

Investment News in United Arab Emirates >>

United Kingdom >>  2/19/2018 - Wood is leading research to make nuclear decommissioning safer, faster and more cost-effective by innovatively applying new technologies developed in ...
Egypt >>  2/13/2018 - The Egyptian Petroleum Ministry signed an agreement with Baker Hughes, a GE company, to establish an online portal to promote Egypt's oil and gas expl...

Egypt >>  2/12/2018 - President Abdel-Fattah El-Sisi inaugurated the second edition of the Egypt Petroleum Show (EGYPS), which brings together oil and gas industry executiv...
Egypt >>  2/11/2018 - Energy group DEA plans to invest nearly $500 million in developing its oilfields in Egypt over the next three years, its chief executive office said. ...

Algeria >>  2/8/2018 - Algerian state energy firm Sonatrach will invest $56 billion from 2018 to 2022, its chief executive said. “We will give more details very soon,” Abdel...
United Arab Emirates >>  2/7/2018 - A US $3.1 billion project to introduce crude processing flexibility, at the Abu Dhabi National Oil Company (ADNOC) owned Ruwais oil refinery, was anno...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

More News

 

Oil & Gas Companies in United Arab Emirates >>


Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.