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Wed 3 Nov 2010 01:16 PM

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ADNOC borrows $3bn from Japan's JBIC

UAE oil firm cements partnership with JBIC amid $60bn five-year spending plan

ADNOC borrows $3bn from Japan's JBIC
ADNOC plans to increase oil production by more than 400,000 barrels a day by 2017

The UAE’s state-run energy giant, Abu Dhabi National Oil Company (ADNOC), has signed a $3bn loan deal with the Japan Bank for International Cooperation (JBIC).

UAE news agency WAM reported that the loan agreement was co-financed with lead arranger Bank of Tokyo-Mitsubishi, alongside Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation, BNP Paribas Tokyo and Citibank Japan.

ADNOC also signed a memorandum of understanding (MoU) with JBIC, and said that the strengthened relationship “would support the grant of new concessions [in the UAE] and renewal of existing ones involving Japanese entities”.

The two firms previously signed an MoU in 2007.

On Tuesday, an ADNOC official told Reuters that the company was planning to spend $60bn over the next five years in oil and gas development.

The UAE is the second-biggest oil exporter to Japan, supplying around a quarter of the Asian economy’s imports.

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