Shanghai Daily: Business - shanghaidaily.com
THE Japan Bank for International Cooperation, the government's main overseas lender, is to lend US$3 billion to the Abu Dhabi National Oil Co to secure a stable supply for Asia's biggest economy, which imports most of its oil needs. The bank raised about a third of the loan amount from the Mizuho Financial Group Inc and other Japanese banks, Bloomberg News said. Abu Dubai Oil, known as ADNOC, will use the loan for oil exploration and building pipelines as well as facilities to boost crude output "With the UAE's oil structured into the loan, crude supplies to Japan are more assured," Hidetoshi Shioda, a senior energy analyst at Mizuho Securities Co, said. "It also benefits the UAE, as Japan will take steady supply for a longer period of time." Japan wants to map out a supply plan after crude prices set a record last month. The loan agreement will be signed this week, when ADNOC's Chief Executive Officer Yousef Omair Bin Yousef is in Tokyo, together with Abu