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The Abu Dhabi National Oil Company (ADNOC) has secured a $2 billion green financing loan backed by the Korea Trade Insurance Corporation (K-SURE) to fund low-carbon projects across its operations.
The facility, structured under ADNOC’s Sustainable Finance Framework, will support the financing of eligible projects.
The deal marks the oil and gas giant’s first green financing facility backed by a Korean export credit agency and follows a $3 billion transaction with the Japan Bank for International Cooperation (JBIC) in 2024.
Together, the two deals bring ADNOC’s total green funding to $5 billion in the past 18 months.
ADNOC plans to reduce its operational carbon emissions intensity by 25% by 2030 while investing $23 billion (AED 84.4 billion) to decarbonise its operations.
First Abu Dhabi Bank (FAB) and the Export Credit Agency (ECA) served as the green loan coordinator. Santander was the coordinator on the agreement. Sustainable Fitch provided an independent second party opinion.
Separately, on Thursday, ADNOC secured $11 billion in structured financing to monetise future gas production from its Hail and Ghasha development after Russia’s Lukoil exited the project.
(Writing by Bindu Rai, editing by Brinda Darasha)
