Abu Dhabi Oil Co. (Adoc) has received a US$250mn loan from a syndicate of Japanese banks and export credit agencies.

The loan is co-financed by the Japan Bank for International Co-operation (JBIC) with US$150mn, and the remainder of the financing comes from Mizuho Corporate Bank, the Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation.
It will renew the interest of Adoc’s operating Mubarraz, Umm Al-Anbar and Neewat Al-Ghalan oil fields in Abu Dhabi, UAE. All the crude oil output produced by Adoc is shipped to Japan.

“By supporting the renewal of the concession agreement, this loan is expected to contribute to securing a long-term and stable supply of crude oil independently developed by Japanese companies, and thus contributing to Japan’s energy security,” JBIC says in a statement.