ANNOUNCEMENT 30 Mar 2015In March 2015, the government of Japan announced new support for the overseas expansion of domestic firms.
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The Japan Bank for International Cooperation press release: Loan for Acquisition of Interests in Browse Gas and Condensate Fields in Australia. Available at: http://www.jbic.go.jp/en/information/press/press-2014/0331-37456
JBIC information concerning overseas investment loans: http://www.jbic.go.jp/en/finance/investment
On 30 March 2015 the Japan Bank for International Cooperation (JBIC) signed a USD 604 million overseas investment loan agreement with Japanese Mitsui & Co. The loan finances the acquisition by Japan Australian LNG Pty Ltd of Gas and Condensate Fields located in the Browse Basin off Australia's Kimberley coast.
Japan Australian LNG Pty Ltd is equally owned by Endeavour Resources Limited, owned by the British subsidiary of Japanese Mitsui & Co., and Pinnacle Resources Limited, owned by the British subsidiary of Japanese Mitsubishi Corporation.
More specifically the Australian LNG Pty Ltd intends to develop the gas-condensate field with other corporate partners.
Overseas investment loans
JBIC provides direct loans named overseas investment loans to Japanese companies, overseas affiliates or joint ventures where Japanese companies hold equity interests and governments or financial institutions partying with such overseas affiliates. Loans support projects in specific sectors or with a specific purpose of interest to Japan. Further information can be found on the Bank's website under overseas investment 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.