ADNOC secures $2bn K-SURE green financing for lower-carbon projects

ADNOC has received Dh7.34bn ($2bn) successful greenish financing backed by the Korean export recognition agency, Korea Trade Insurance Corporation (K-SURE).

This financing aims to enactment lower-carbon projects wrong ADNOC’s operations.

United Arab Emirates (UAE) Minister of Industry and Advanced Technology and ADNOC managing manager and radical CEO Sultan Al Jaber announced the statement during his sojourn to South Korea to conscionable K-SURE president and president Youngjin Jang.

ADNOC said that the caller financing, structured nether its sustainable concern framework, volition beryllium utilized to concern projects that conscionable planetary sustainable concern marketplace standards.

Sustainable Fitch, the specialised environmental, societal and governance limb of Fitch Ratings, has offered an autarkic 2nd enactment opinion.

The ratings supplier confirmed that ADNOC’s sustainable concern model aligns with planetary sustainable concern principles.

This greenish financing installation follows a Dh11bn transaction with the Japan Bank for International Cooperation successful 2024.

These 2 agreements are said to person accrued ADNOC’s full greenish backing to Dh18.35bn successful the past 18 months.

First Abu Dhabi Bank is serving arsenic the greenish indebtedness coordinator, portion Santander is acting arsenic the export recognition bureau coordinator for this transaction.

ADNOC Group main fiscal serviceman Khaled Al Zaabi said: “This installation reflects ADNOC’s committedness to financing the translation of vigor systems portion maintaining beardown superior discipline.

“Through our concern with K-SURE, we are expanding entree to greenish finance, deepening our economical ties with South Korea and strengthening ADNOC’s presumption arsenic a person successful lower-carbon energy.”

ADNOC said it aims to trim its operational c emissions strength by 25% by 2030 and is investing Dh84.4bn to decarbonise its operations and grow its activities successful caller vigor sectors including hydrogen, geothermal and renewables.

The existent greenish financing follows ADNOC and its partners’ structured financing statement for up to Dh40.4bn for the Hail and Ghasha state improvement project.

This financing volition beryllium utilized to monetise aboriginal midstream state accumulation from the Hail and Ghasha project, portion of the broader Ghasha concession, offshore Abu Dhabi, UAE.

"ADNOC secures $2bn K-SURE greenish financing for lower-carbon projects" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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