Abu Dhabi National Oil Company (ADNOC) has entered into a $3bn (Dh11.02bn) green financing facility with the Japan Bank for International Cooperation (JBIC).
The agreement is aimed at supporting decarbonisation and energy transition projects within ADNOC or its subsidiaries.
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By GlobalDataThe facility is being offered as part of JBIC’s Global action for Reconciling Economic growth and Environmental preservation (GREEN) lending programme.
It follows an initial heads of agreement signed in January this year and includes partial support from Japanese commercial banks.
ADNOC aims to reduce its carbon intensity by 25% by 2030 and achieve net-zero emissions by 2045.
In line with its net-zero goals, ADNOC has unveiled plans to invest $23bn to decarbonise operations.
This investment will foster the development of future energies such as hydrogen and renewable technologies, while also focusing on carbon capture.
ADNOC group CFO Khaled Al Zaabi said: “We are very pleased to once again partner with JBIC on ADNOC’s first green funding to accelerate our decarbonisation and energy transition initiatives.
“Proceeds of this credit facility will enable ADNOC’s strategy to support a just, orderly and equitable global energy transition. The agreement also marks the next milestone in the long-standing strategic energy relationship between the UAE and Japan, and we look forward to further collaboration with JBIC as ADNOC delivers against its ambitious growth strategy.”
Last month, ADNOC confirmed the final investment decision for a new liquified natural gas (LNG) export terminal in Al Ruwais, Abu Dhabi, and awarded a $5.5bn engineering, procurement and construction contract for the project.
The new Ruwais LNG project is set to increase ADNOC’s LNG production, with two liquefaction trains designed to produce a combined 9.6 million tonnes per annum (mtpa), more than doubling the current output to approximately 15mtpa.
