now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk
Asia Connect
JBIC signs credit line of up to US$3 billion for Adnoc
Loan to fund decarbonization and energy transition projects in the UAE and internationally
Michael Marray 10 Jul 2024

Japan Bank for International Cooperation (JBIC) has signed a general agreement with Abu Dhabi National Oil Company (Adnoc) to provide a credit line of up to US$3 billion. The Japanese export credit agency will contribute US$$1.8 billion.

The proceeds will fund projects related to decarbonization and energy transition to be implemented by Adnoc or its subsidiaries in the United Arab Emirates or internationally.

Adnoc, an energy company wholly owned by the Emirate of Abu Dhabi, aims to achieve net zero by 2045. It promotes renewable energy, hydrogen and ammonia as fuel sources, carbon capture and storage (CCS), and other green energy initiatives.

According to JBIC, Abu Dhabi has been a stable and important supplier of crude oil to Japan for more than 40 years, and as such, is a strategic partner for Japan's energy resource strategy. In addition, Abu Dhabi has high potential in the field of decarbonization and energy transition as it has abundant resources for renewable energy and subterranean structures suitable for CCS.

The credit line aims to support Adnoc’s initiatives for decarbonization and create opportunities for collaboration with Japanese companies.

Conversation
Jugeshinder Singh
Jugeshinder Singh
group CFO
Adani Group
- WILL JOIN THE EVENT -
19th Asia Bond Markets Summit - India Edition
India's next chapter
Learn More
Conversation
Darius Liu
Darius Liu
co-founder & chief operating officer
ADDX
- JOINED THE EVENT -
Asset Servicing Leadership Series
How digital assets are transforming Asia's investment landscape
View Highlights