The Japan Bank for International Cooperation ( JBIC ) and Sumitomo Mitsui Banking Corporation ( SMBC ) are providing a total of US$689 million in co-financing to Mitsui & Co for its participation in the Ruwais LNG Project in Abu Dhabi. 

The loans will enable Mitsui, together with Abu Dhabi National Oil Company ( Adnoc ) and other partners, to construct and operate the liquefied natural gas facilities in Al Ruwais City of Abu Dhabi. 

The deals were signed before war broke out in the Middle East, which is disrupting gas supplies from the region and is likely to impact global energy security. 

In Japan, the Seventh Strategic Energy Plan approved by the Cabinet in February 2025, positions natural gas as an important energy source, given its low greenhouse gas emissions and its expected central role as a balancing power source for renewable energy.  

Against this backdrop, Mitsui will participate in the project with a 10% equity interest through a wholly owned subsidiary, and plans to offtake up to 0.6 million tonnes a year of LNG on a long‑term basis, out of the project's annual production of 9.6 million tonnes. 

The United Arab Emirates is one of Japan’s largest crude oil suppliers, accounting for approximately 40% of its crude oil imports, and is therefore considered extremely important for its energy security.  

While the UAE plans to achieve net-zero carbon emissions by 2050, Adnoc has set its own net‑zero target for 2045 and is accelerating investments to decarbonize its oil and gas operations.

The Ruwais project aims to become one of the least-carbon-intensive LNG facilities in the world by using clean power as an energy source. 

The loan supports overseas business development and LNG procurement activities by Japanese companies, contributing towards the long‑term stable supply of LNG.