Japan Fires Opening Shot In Battle For Adma-Opco Renewal

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.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE