Japan lends $3 billion to UAE oil company
Japan will reportedly give a $3 billion loan to Abu Dhabi National Oil Co (ADNOC) to help boost the oil developer's upstream business and strengthen bilateral relations.
The deal is set to be signed on Sunday by the Japan Bank for International Cooperation (JBIC) and ADNOC, reported Reuters, citing Japan’s Trade Ministry.
The loan is also expected to help Japan win new energy concessions or the renewal of existing concessions in the oil-rich nation, Reuters quoted the Trade Ministry said.
The loan is to be extended by JBIC and three private banks, the Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank, the ministry reportedly added.