Abu Dhabi National Oil Company (Adnoc) has signed a $3bn loan deal with a Japanese export credit agency and a group of international banks.

The deal is split between a $2.1bn loan from the Japan Bank for International Cooperation (JBIC), and the rest from Bank of Tokyo Mitsubishi, Mizuho Bank. Sumitomo Mitsui Banking Corporation, and the Japanese branches of the US’ Citigroup and France’s BNP Paribas.

Adnoc signed the loan with the lenders on 2 November in Abu Dhabi. The state-owned oil company and JBIC also signed a memorandum of understanding to help further ties between Japanese companies and Adnoc.