ANNOUNCEMENT 12 Apr 2013
On 12 April 2013, the Japan Bank for International Cooperation (JBIC) signed an overseas investment loan agreement with British JX Nippon Exploration and Production (U.K.) Limited.
NUMBER OF INTERVENTIONS
The Japan Bank for International Cooperation, press release of 12 April 2013, Loan for Acquisition of Interests and Development of Oil Fields in British North Sea: http://www.jbic.go.jp/en/information/press/press-2013/0412-7505
JBIC information on overseas investment loans: http://www.jbic.go.jp/en/finance/investment
The overseas investment loan agreement between JBIC and British JX Nippon Exploration and Production (U.K.) Limited has a maximum value of USD 881 million. The British company is a subsidiary of the Japanese company JX Nippon Oil & Gas Exploration Corporation.
The loan finances the British subsidiary's acquisition of interests in the Mariner and Kinnoull Oil Fields as well as the further development of it. The oil field is located 150 kilometres from the Shetland Islands in the British North Sea.
In this context, the Bank stated: "JBIC will continue to support the development and acquisition of interests in natural resources that are strategically important for Japan by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function."
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.