The Japan Bank for International Cooperation (JBIC) has signed two loan agreements totaling up to $413 million with Mitsui & Co., Ltd. to support the development of the Ruwais LNG Project in the Al Ruwais.
The agreements include loans of up to $319 million and $94 million (JBIC portion), respectively. The financing is being co-funded with Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to approximately $532 million and $157 million for the two facilities.
The loans will provide funding for Mitsui & Co., Ltd. to participate alongside the Abu Dhabi National Oil Company (ADNOC) and other partners in the construction and operation of liquefied natural gas (LNG) facilities at the Ruwais industrial complex in Abu Dhabi.
According to JBIC, the financing supports the overseas expansion and LNG procurement activities of Japanese companies while helping secure a long-term and stable supply of LNG, a key energy resource for Japan. The initiative also aims to diversify Japan’s energy import sources while strengthening strategic energy cooperation with the UAE.
The project aligns with ADNOC’s broader low-carbon LNG strategy and contributes to the strengthening of energy partnerships between Japan and the UAE. Through the participation of Japanese companies, JBIC expects the initiative to further deepen collaboration in energy development and sustainability.
The LNG project is being developed in line with the UAE’s net-zero emissions target by 2050, while ADNOC has set its own corporate goal of achieving net-zero emissions by 2045. As part of this commitment, ADNOC is accelerating investments to decarbonize its oil and gas operations.
The Ruwais LNG facility is designed to become one of the lowest-carbon-intensity LNG plants globally, incorporating an electric drive (E-Drive) design and utilizing clean power sources to reduce emissions associated with LNG production. The project is expected to play a significant role in supporting global demand for lower-carbon energy while advancing the UAE’s energy transition strategy.
