(MENAFN) Abu Dhabi National Oil Co (ADNOC) has won a USD3 billion financing from Japan, to help boost its upstream business and strengthen bilateral relations, Reuters reported.
Japan previously granted ADNOC USD3 billion each in 2007 and 2010 to boost its crude supply capacity that would ensure stable oil exports to Japan.
Japanese Trade Minister Toshimitsu Motegi said the deal is set to be signed on Sunday by the Japan Bank for International Cooperation (JBIC) and ADNOC.
The loan is also expected to help Japan win new energy concessions or the renewal of existing concessions in the oil-rich nation, the trade ministry said.
UAE is the No.2 crude oil supplier to Japan after Saudi Arabia, and oil imports from UAE accounted for 21.7 percent of Japan's total imports last year, averaging 793,000 barrels per day.
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