The Japan Bank for International Cooperation (JBIC) signed two individual loan agreements with Abu Dhabi National Oil Company (ADNOC) on 2 November, drawing on a credit line set up in July 2024. JBIC announced the deal on 4 November.
Two tranches, two lender groups
JBIC's own share is about $543mn in the first loan and about $58mn in the second. The syndicated totals are about $905mn and about $97mn respectively. The first loan includes MUFG Bank, Mizuho Bank and the Tokyo branch of HSBC. The second includes Mizuho Bank and the HSBC Tokyo branch.
| Loan | JBIC amount | Syndicated total | Co-lenders named |
|---|---|---|---|
| Loan 1 | about $543mn | about $905mn | MUFG Bank, Mizuho Bank, HSBC Tokyo branch |
| Loan 2 | about $58mn | about $97mn | Mizuho Bank, HSBC Tokyo branch |
All amounts in the release are rounded ("about"). The release does not give the loans' tenors, rates or the split between individual commercial lenders.
What the money can be used for
The loans fall under JBIC's global environment conservation operation, known as GREEN. They fund ADNOC group projects in the UAE that reduce the environmental burden or carbon intensity of LNG production and sales, and power transmission and distribution projects that help supply electricity, including solar and nuclear-sourced power.
The release describes ADNOC as an energy company wholly owned by the Abu Dhabi government. It says the company targets net zero by 2045, through renewables, hydrogen and ammonia, and carbon capture and storage (CCS), which separates and captures carbon dioxide and stores it underground or under the deep sea.
The policy framing
JBIC ties the lending to Japan's energy security. It says the government launched the Asia energy and resource supply resilience partnership (POWERR Asia) in April 2026, in light of the current Middle East situation, to strengthen supply chains with Asian countries. It calls Abu Dhabi important to Japan's resource strategy, with potential in renewables and in geology suited to CCS.
The loans are expected to help create opportunities for cooperation between Japanese companies and ADNOC and its subsidiaries, according to JBIC. That is a stated expectation. The release names no Japanese contracts or companies as beneficiaries, and it reports no project outcomes.
The release says the loans follow an earlier loan to ADNOC under the same credit line, announced on 21 February 2025.