Mitsui & Co signed two loans totalling US$689m on Tuesday for the Ruwais liquified natural gas project in the United Arab Emirates.

The borrowings comprise a US$532m facility and a US$157m portion.

Japan Bank for International Cooperation is providing US$319m and US$94m, while Sumitomo Mitsui Banking Corp is funding US$213m and US$63m, respectively, according to a statement from JBIC on Wednesday.

Funds are to construct and operate, together with Abu Dhabi National Oil, the LNG facilities in Al Ruwais City in Abu Dhabi. Mitsui holds a 10% stake in the project.

Source: IFR