AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The import loan agreement between JBIC and the UAE state-run oil company Abu Dhabi National Oil Company (ADNOC) was signed on 17 January 2016 and has a total value of USD 2.1 billion. In this context, the Bank stated in a press release: "...the objective of this facility (ed. the loan) is to give indirect support towards the renewal of such (ed. Japanese-owned) offshore oil field concessions ...". The press release further states that in March 2018 60% of the existing Japanese-owned offshore Abu Dhabi oil field concessions are due to expire. The loan is granted in accordance with a MoU signed by both parties in November 2015.
A similar loan agreement was signed in January 2018, see related state act.
JBIC provides direct loans named import loan to Japanese importers or foreign exporters. Loans support trade transactions, which guarantee Japanese companies' acquisition of certain natural resources. Further information can be found on the Bank’s website under Import Loans.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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