JBIC said in a statement that it signed on February 24 two loan agreements amounting up to approximately $319 million and approximately $94 million (JBIC portion), respectively, with Mitsui.
The loans are co-financed with Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to approximately $532 million and approximately $157 million, respectively.
According to JBIC, the loans are intended to provide the necessary funds for Mitsui, together with Adnoc and other partners, to construct and operate the LNG facilities in the Al Ruwais City of Abu Dhabi in the UAE.
JBIC noted that Mitsui will participate in the project with a 10 percent equity interest through its wholly-owned subsidiary, and intends to offtake up to 0.6 million tons/year of LNG on a long‑term basis, out of the project’s annual production of 9.6 million tons.
“This loan supports overseas business development and LNG procurement activities by Japanese companies, contributing toward the long‑term stable supply of LNG—an essential energy resource for Japan—and the diversification of procurement sources,” it said.
In June 2024, Adnoc made the final investment decision to build its LNG export terminal in Al Ruwais.
The LNG project will more than double Adnoc’s existing UAE LNG production capacity to around 15 mtpa, as the company builds its international LNG portfolio.
Besides Mitsui, BP, Shell, and TotalEnergies agreed to buy a 10 percent equity stake in Adnoc’s Al Ruwais LNG export terminal.
