Abu Dhabi-Mubasher: Japan’s Bank for International Cooperation (JBIC) signed a $2.1 billion loan agreement with the UAE’s state-owned Abu Dhabi National Oil Company (Adnoc) to help secure long-term oil supplies, according to the bank’s statement.
The statement added that seven other Japanese firms, including the Bank of Tokyo-Mitsubishi UFJ, will provide additional financing, raising the total loan amount to reach $3.3 billion.
The loans will help Japanese firms to renew oil field concessions in Abu Dhabi, of which 60% will expire in 2018, said JBIC.
