ADNOC & JIBC sign strategic partnership

ABU DHABI, 19th January 2016 (WAM) - Abu Dhabi National Oil Company (ADNOC) and Japan Bank for International Cooperation (JIPC) signed a strategic partnership agreement in which ADNOC receives all the necessary banking facilities that ensure stable imports of crude oil by Japanese companies. This is considered the fourth partnership facility of its kind that ADNOC receives for the provision of securing long-term oil supply for Japan. The UAE is vital to Japan’s resource strategy as it has been a stable source of crude oil for more than 30 years, and because the UAE allows the entry of foreign oil companies to operate on the basis of concession agreements. ADNOC and JIBC signed a succession of Memorandum of Understandings (MoUs) in the oil, gas and environment sectors. In November 2015, both parties signed a MoU aimed at further strengthening the comprehensive strategic partnership between ADNOC and Japan. This MoU allows both parties to mutually recognise the significance of granting new concessions and renewing existing concessions involving Japanese oil development companies. – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395290476148.html