The state-owned Japan Bank for International Cooperation on Sunday
signed a $3 billion loan to Abu Dhabi National Oil Co, also known as ADNOC, in
a move to strengthen
Japan
's
energy security, the trade and industry ministry said in a statement.
"This loan will support ADNOC's oil exploration projects, strengthen the
relationship between
Abu Dhabi
and
Japan
in
the field of oil exploration, and help maintain and expand our national oil
interests in
Abu Dhabi
,"
the ministry said.
JBIC and three major Japanese banks--The Bank of Tokyo-Mitsubishi UFJ, Mizuho
Corporate Bank, and Sumitomo Mitsui Banking Corporation--will extend the $3
billion loan to ADNOC, which is run by
United
Arab Emirates
.
This is the third time for the JBIC to grant loans to the state-owned oil
company. The bank
previously made $3 billion loans in both 2007 and 2010.