ANNOUNCEMENT 16 Jan 2018
On 16 January 2018, the Japan Bank of International Corporation (JBIC) announced signing an import loan agreement with Abu Dhabi National Oil Company (ADNOC).
NUMBER OF INTERVENTIONS
The Japan Bank for International Cooperation, press release of 16 January 2018, JBIC Signs Facility Agreement with ADNOC: https://www.jbic.go.jp/en/information/press/press-2017/0116-010442.html
The Japan Bank for International Cooperation, Import Loans: http://www.jbic.go.jp/en/finance/import
The import loan agreement between JBIC and the UAE state-run oil company Abu Dhabi National Oil Company (ADNOC) was signed on 15 January 2018 and has a total value of USD 2.1 billion. In this context, the Bank stated in a press release that the aim of this loan and in accordance with a MoU signed in 2015 is: "... to support Japanese companies in renewing their existing concessions in the offshore oil fields in Abu Dhabi as well as acquiring new concessions ...". The press release further highlight that 60% of the existing Japanese-owned offshore Abu Dhabi oil field concessions are set to expire in March 2018.
A similar loan agreement was signed in January 2016, 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.