News listings

energy-pedia general news

United Arab Emirates flagUnited Arab Emirates

Middle East / Africa >>> United Arab Emirates

UAE: ADNOC and JBIC sign $3 billion green financing agreement


05 Jul 2024

Photo - see caption

ADNOC’s first green funding will support its ongoing decarbonization and energy transition initiatives

Abu Dhabi National Oil Company (ADNOC) has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion (AED11 billion) green financing facility. It follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January this year and builds on their long-standing successful partnership.

Photo - see caption
ADNOC and JBIC sign $3 billion green financing agreement

The credit facility is part of JBIC’s Global action for Reconciling Economic growth and ENvironmental preservation (GREEN) lending program and is partially supported by Japanese commercial banks. 

Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said: 'We are very pleased to once again partner with JBIC on ADNOC’s first green funding to accelerate our decarbonization 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.'

ADNOC is one of the least carbon-intensive oil and gas producers in the world and is further reducing its carbon intensity by 25% by 2030 while investing $23 billion (AED84.4 billion) to decarbonize its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies. ADNOC has also set out its ambition to achieve net zero by 2045 and zero methane emissions by 2030. The Company is also a founding member of the Oil and Gas Decarbonization Charter (OGDC), a coalition of International and National Oil Companies that have committed to zero methane emissions by 2030 and net zero by or before 2050.

Original announcement link

Source: ADNOC





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 227

Completed Deals

Completed Upstream Deals: 6595

Company Profiles

Current Company Profiles: 2918

Corporate Activity

Current Corporate Activity articles: 4163

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1666

Geostudies

Current Geostudies articles: 985

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

energy365
Merlin
OPC
Government of South Australia
Union Jack Oil 149
Syntillica
Rose & Assocs
Borchwix
Telos NRG
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com