Middle East Economic Survey

VOL. L

No 52

24-December-2007

UAE

ADNOC Signs $3Bn Corporate Loan Agreement With JBIC, Banks

Abu Dhabi National Oil Company (ADNOC) signed an agreement on 17 December to receive a $3bn corporate loan from the Japanese Bank for International Cooperation (JBIC) and five banks. JBIC will provide a direct loan of $2.1bn, while the banks will contribute $900mn, MEES learns. Of the banks, Bank of Tokyo Mitsubishi (BTM) was the agent and largest underwriter on the financing,...