Japan Bank for International Cooperation (JBIC) announced Monday that it has inked Aug. 26 an agreement to loan up to $378 million (JBIC portion) to the Abu Dhabi Oil Co., Ltd. (ADOC) for the development of the offshore Hail oilfield in Abu Dhabi, United Arab Emirates (UAE).
JBIC's loan to ADOC is co-financed with other Japanese banks, comprising Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., and Sumitomo Mitsui Banking Corporation, bringing the overall loan amount to $630 million.
ADOC acquired a 100 percent stake in the Hail oilfield concession -- located adjacent to the Mubarraz, Umm Al-Anbar, and Neewat Al-Ghalan oilfields -- from the Supreme Petroleum Council (SPC) of Abu Dhabi in 2011.
"This loan ... contributes to the stable supply of crude oil to Japan and is in line with the Japanese government’s energy resource policy," JBIC said in the press release.
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