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Japan has fired the opening shot in the battle to secure a renewed stake in the offshore Adma-Opco concession after the current deal expires in 2018.
Not only does Japan’s Jodco have a 12% stake in the concession, but also the UAE is Japan’s second largest supplier of oil.
The awarding of $3.3bn of loans to Adnoc by Japanese financial institutions likely stemmed as much from these considerations as from the precise financial terms of the deal.
The state-owned Japan Bank for International Cooperation (JBIC) signed an agreement on 17 January to loan Adnoc $2.1bn. The aim is to “give indirect support towards the renewal of such offshore oil field concessions” said JBIC in a clear statement of intent. Further financing is being provided by seven other Japanese banks, bringing the total to $3.3bn.
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