The Japan Bank for International Cooperation (JBIC) and other Japanese banks have refinanced a $3.3bn loan to state-owned Abu Dhabi National Oil Company (Adnoc).

The JBIC tranche reaches $2.1bn.

Japan’s Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Mitsubishi UFJ Trust and Banking Corporation, the Japanese subsidiary of US-based Citibank, Sompo Japan Nipponkoa Insurance, and Sumitomo Mitsui Trust Bank are the other lenders.

“This facility is intended to provide ADNOC with the necessary support to ensure stable imports of crude oil by Japanese companies, and is the fourth facility provided to ADNOC with the aim of securing a long-term oil supply for Japan,” reads a JBIC press statement.

JBIC and other banks extended in $3bn in 2007, renewed in 2010 and 2013.

JBIC renewed a memorandum of understanding with Adnoc in 2015 on granting new concessions and renewing existing concessions with Japanese oil companies.

“Approximately 60 per cent of the Abu Dhabi oil field concessions owned by Japanese companies are currently scheduled to expire in 2018,” JBIC continues. “The objective of this facility is to give indirect support towards the renewal of such offshore oil field concessions.”

The main concession expiry in 2018 will be Japan Oil Development Company (Jodco)’s 12 per cent stake in Adma-Opco, dating back to the 1970s. Adma-Opco produced an average of 620m barrels of oil a day in 2014.

Jodco is a wholly owned subsidiary of Japan’s Inpex Corporation.