Japan's JBIC, banks to loan $900 mln for Sakhalin-1 project

  • Reuters
  • Stock Market News
Japan's JBIC, banks to loan $900 mln for Sakhalin-1 project
Credit: © Reuters.

TOKYO, March 23 (Reuters) - Japan's Bank for International Cooperation (JBIC) said it signed a loan agreement on Tuesday with Japan's Sodeco for up to $450 million to help finance development of the Sakhalin-1 project's Odoptu field stage-2 program in Russia's Far East.

Three other Japanese firms, including Mizuho Bank, will provide additional financing, taking the total cofinancing amount to $900 million, JBIC said in a statement on Wednesday.

Sodeco, owned by the Japanese trade ministry and firms including Japan Petroleum Exploration 1662.T , Itochu Corp 8001.T and Marubeni Corp 8002.T , holds a 30 percent stake in the Sakhalin-1 project led by U.S. major ExxonMobil-led XOM.N .

The project produces oil and gas from the Chayvo, Odoptu, and Arkutun-Dagi fields located off the northeast coast of Sakhalin Island, Russia, and has offloaded over 550 million barrels of crude oil from 2006 to date, JBIC said.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles