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.

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