ADNOC has received Dh7.34bn ($2bn) in green financing backed by the Korean export credit agency, Korea Trade Insurance Corporation (K-SURE).
This financing aims to support lower-carbon projects within ADNOC’s operations.
United Arab Emirates (UAE) Minister of Industry and Advanced Technology and ADNOC managing director and group CEO Sultan Al Jaber announced the agreement during his visit to South Korea to meet K-SURE president and chairman Youngjin Jang.
ADNOC said that the new financing, structured under its sustainable finance framework, will be used to finance projects that meet international sustainable finance market standards.
Sustainable Fitch, the specialised environmental, social and governance arm of Fitch Ratings, has offered an independent second party opinion.
The ratings provider confirmed that ADNOC’s sustainable finance framework aligns with global sustainable finance principles.
This green financing facility follows a Dh11bn transaction with the Japan Bank for International Cooperation in 2024.
These two agreements are said to have increased ADNOC’s total green funding to Dh18.35bn in the past 18 months.
First Abu Dhabi Bank is serving as the green loan coordinator, while Santander is acting as the export credit agency coordinator for this transaction.
ADNOC Group chief financial officer Khaled Al Zaabi said: “This facility reflects ADNOC’s commitment to financing the transformation of energy systems while maintaining strong capital discipline.
“Through our partnership with K-SURE, we are expanding access to green finance, deepening our economic ties with South Korea and strengthening ADNOC’s position as a leader in lower-carbon energy.”
ADNOC said it aims to reduce its operational carbon emissions intensity by 25% by 2030 and is investing Dh84.4bn to decarbonise its operations and expand its activities in new energy sectors including hydrogen, geothermal and renewables.
The current green financing follows ADNOC and its partners’ structured financing agreement for up to Dh40.4bn for the Hail and Ghasha gas development project.
This financing will be used to monetise future midstream gas production from the Hail and Ghasha project, part of the broader Ghasha concession, offshore Abu Dhabi, UAE.
