Adnoc secures $2bn from Korean agency for lower-carbon projects

• Adnoc agrees financing with K-Sure
• Brings green funding to $5bn in 18 months
• FAB and Santander coordinated

Abu Dhabi National Oil Company has secured AED7.34 billion ($2 billion) in green financing to fund lower-carbon projects across its operations.

The facility, backed by Korea Trade Insurance Corporation (K-Sure), will facilitate the financing of eligible projects that comply with international sustainable-finance standards, Adnoc said, confirming an earlier report.

“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 group CFO Khaled Al Zaabi said in a statement.

The agreement follows a $3 billion transaction with the Japan Bank for International Cooperation in 2024, bringing Adnoc’s green funding to $5 billion in 18 months.

First Abu Dhabi Bank acted as the green loan coordinator, while Santander served as the export credit agency coordinator for the latest facility.

Adnoc plans to reduce its operational carbon intensity by a quarter by 2030 via investing $23 billion to decarbonise its operations and accelerate the growth of hydrogen, geothermal and renewables.

Adnoc is wholly owned by the Abu Dhabi government and is a founding member of the Oil and Gas Decarbonization Charter, a coalition of oil companies that have committed to zero methane emissions by 2030, the statement added.

The company also plans to sequester 10 million tonnes of carbon dioxide annually by 2030 and capture 5 percent of the global low-carbon hydrogen market by the same year, according to its sustainability report.

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Adnoc last week secured up to AED40.4 billion in structured financing for future gas production from its offshore Hail and Ghasha projects in the emirate.

Last month Adnoc’s board allocated $150 billion in capital expenditure between 2026 and 2030 to maintain its oil and gas operations as the Middle East’s share of global oil production is predicted to grow in the coming years.