Japanese Bank Leads $1.1B Backing For Sumitomo Shale Buys

Law360, New York (October 9, 2012, 1:12 PM EDT) -- A consortium of banks headed by Japan Bank of International Cooperation Corp. agreed to supply up to $1.1 billion to back Japanese conglomerate Sumitomo Corp.’s efforts to expand operations in Texas’ oil-rich Permian Basin, the bank said Tuesday.

Without naming its private co-lenders, JBIC said two separate agreements — worth $770 million and $660 million, respectively — would give a Sumitomo unit a major piece of the backing it needs to grab a 30 percent interest in two west Texas shale plays totaling roughly 650,000 acres....
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