Arab News Japan

DUBAI: The Abu Dhabi National Oil Company (ADNOC) signed an agreement with the Japan Bank for International Cooperation (JBIC) for about a ¥482 billion yen ($3 billion USD) green financing facility.

ADNOC announced the deal on Thursday following the signing of a Heads of Agreement between ADNOC and JBIC in January.

The facility is part of JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) lending program and is partially supported by Japanese commercial banks.

According to media reports, Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said, “Proceeds of this credit facility will enable ADNOC’s strategy to support a just, orderly and equitable global energy transition. The agreement also marks the next milestone in the long-standing strategic energy relationship between the UAE and Japan, and we look forward to further collaboration with JBIC as ADNOC delivers against its ambitious growth strategy.”

On Thursday, Dr. Sultan Al Jaber, the Minister of Industry and Advanced Technology and Special Envoy of the United Arab Emirates to Japan, also met with Japanese Foreign Minister KAMIKAWA Yoko on Thursday and pledged to expand the relationship between the two countries.