JBIC has issued an US$830mn oil loan to Mitsui.
The loan is being made to the oil and gas exploration subsidiary of the Japanese company and will be used for the development of the Tenparossa oilfield in Italy, the ECA confirms to GTR.
The loan is being co-financed by Mizuho and BTMU, which are between them providing US$1.23bn. The oilfield is being developed by Mitsui along with major oil companies Shell and Total and should produce substantial amounts of oil over 40 years.
This is part of JBIC’s push to secure energy security for Japan.
As well as this, JBIC has also recently agreed to support Japanese car parts manufacturer Ogino Industrial in the expansion of its plants in Vietnam.