Japan Bank for International Cooperation (JBIC) has signed a memorandum of understanding with Abu Dhabi National Oil Company (ADNOC), a state-run oil company wholly owned by the Abu Dhabi government.
The MOU seeks to establish a comprehensive and strategic partnership between JBIC and ADNOC by setting out consultations and information sharing on such issues as investment plans of ADNOC as well as JBIC’s lending schemes.
It will increase opportunities of mutual business development for Japanese companies and ADNOC in the oil and gas sector, and realise the long-term crude oil transaction between ADNOC and Japanese oil companies, thereby contributing to the securing of stable energy supply to Japan.
ADNOC conducts oil and gas business in the Emirate of Abu Dhabi and owns most of the oil and gas reserves and production facilities in the UAE. Abu Dhabi is abundantly endowed with highly versatile quality light crude oil, and Japan has steadily imported huge amounts of crude oil from ADNOC for more than 30 years.