Loans for Ruwais LNG Project in UAE : Contributing toward Securing Stable Supply of Energy and Promoting Energy Transition

The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on February 24 two loan agreements amounting to up to approximately USD319 million and approximately USD94 million (JBIC portion), respectively, with Mitsui & Co., Ltd. (MITSUI). The loans are co-financed with Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to approximately USD532 million and approximately USD157 million, respectively.

The loans are intended to provide the necessary funds for MITSUI, together with Abu Dhabi National Oil Company (ADNOC) and other partners, to construct and operate the LNG facilities in the Al Ruwais City of Abu Dhabi in the United Arab Emirates (UAE).

The Seventh Strategic Energy Plan, approved by the Japanese Cabinet in February 2025, positions natural gas as an important energy source among fossil fuels, given its low greenhouse gas emissions and its expected central role as a balancing power source for renewable energy. As a practical means to support the energy transition, natural gas continues to draw attention. In particular, LNG is described as essential for ensuring the stable supply of electricity and city gas, and public and private sectors are working together to secure long-term contracts. Against this backdrop, MITSUI will participate in the project with a 10% equity interest through its wholly owned subsidiary, and intends to off-take 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.

The UAE is one of Japan's largest crude oil suppliers, accounting for approximately 40% of its crude oil imports, and is therefore extremely important for Japan's energy security. Under the UAE's national goal of achieving net-zero emissions by 2050, ADNOC has set its own net-zero target for 2045 and is accelerating investments to decarbonize its oil and gas operations. The project aims to become one of the lowest-carbon-intensive LNG facilities in the world by adopting an E-Drive design and by using clean power as an energy source.

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. By supporting ADNOC's low-carbon LNG initiatives through Japanese companies, JBIC and ADNOC can build a more multilayered partnership and further the UAE's energy transition.

As Japan's policy-based financial institution, JBIC will continue to provide financial support for the stable supply of energy resources to Japan by assisting Japanese companies in developing energy resources overseas, while also contributing toward the global energy transition through its financial initiatives.