A pool of Japanese financiers has given a US$3bn loan to Abu Dhabi National Oil Company (Adnoc).

The Japan Bank for International Co-operation (the Japanese export credit agency, JBIC) contributed US$2.1bn to the transaction, while the remaining US$0.9bn was financed by the Bank of Tokyo Mitsubishi UFJ (BTMU – the lead arranger), Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Corporate Bank.

The facility has a tenor of five years, while the pricing is confidential.

It’s the third in a series of loans Adnoc has received to expand its oil and gas development, ultimately securing a stable supply of crude oil to Japan, which is a large offtaker of Adnoc’s produce. Furthermore, a host of Japanese companies are active in oil and gas projects in Abu Dhabi and could well stand to benefit from any infrastructural investment Adnoc makes.

Adnoc is the national oil company of the emirate of Abu Dhabi. Its importance as a supplier to Japan has grown since the ongoing security worries over the Strait of Hormuz. Since Adnoc has access to the Fujairah oil pipeline, it can avoid transporting its crude oil exports down the strait.