Japan Bank for International Cooperation ( JBIC ) has signed two project loan agreements with Abu Dhabi National Oil Company ( Adnoc ) amounting to US$53 million and US$9 million, respectively, based on a credit line set up in July 2024.

The loans are co-financed with Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Hongkong Shanghai Banking Corporation Tokyo Branch, bringing the total co-financing amounts to US$88 million and US$15 million, respectively.

The loans are extended under JBIC’s GREEN operations, and are intended to provide the funds necessary for Adnoc’s subsidiaries to implement projects contributing towards the supply of renewable energy and next-generation energy to third countries, particularly in Asia and Africa.

Adnoc seeks to achieve net-zero emissions by 2045, promote renewable energy, and pursue hydrogen and ammonia, carbon capture and storage ( CCS ), and other green energy initiatives.

JBIC says Abu Dhabi is a strategic partner and a very important ally for Japan's energy resource strategy. In addition, the emirate offers huge potential in the areas of decarbonization and energy transition as it has abundant resources for renewable energy and subterranean structures suitable for CCS.

In July 2024 JBIC signed a general agreement with Adnoc to provide a credit line of up to US$3 billion, of which JBIC's portion is US$1.8 billion.

Abu Dhabi has been an important supplier of crude oil to Japan for more than 40 years.