The arrangement was made public when Dr. Sultan Al Jaber, the Managing Director and Group CEO of Adnoc and Minister of Industry and Advanced Technology, visited the Republic of Korea and met with Youngjin Jang, the President and Chairman of K-SURE.
The funding of qualified projects that adhere to global sustainable finance market requirements will be made easier by the K-SURE-backed facility, which is organized under Adnoc’s Sustainable Finance Framework. Adnoc’s Sustainable Finance Framework is in line with worldwide sustainable finance principles, according to an independent Second Party Opinion from Sustainable Fitch.
This facility reflects Adnoc’s commitment to financing the transformation of energy systems while maintaining strong capital discipline,” stated Khaled Al Zaabi, Chief Financial Officer of the Adnoc Group. We are enhancing Adnoc’s position as a leader in lower-carbon energy, increasing access to green finance, and developing our economic links with South Korea through our collaboration with K-SURE.
After a $3 billion (Dhs11 billion) deal with the Japan Bank for International Cooperation (JBIC) in 2024, this is Adnoc’s first green financing facility supported by a Korean export credit agency (ECA). Adnoc’s track record in green finance is strengthened by these transactions, which together raise its total green funding to $5 billion (Dhs18.35 billion) in just 18 months.
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