The Japan Bank for International Cooperation (JBIC) and Abu Dhabi National Oil Company (ADNOC) PJSC (ADNOC) have inked a general agreement for a $3 billion (AED11 billion) green financing facility. It expands on the long-standing, fruitful collaboration between ADNOC and JBIC and comes after the two parties signed a Heads of Agreement (HOA) in January of this year.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC);
We are delighted to partner with JBIC on ADNOC’s first green funding to accelerate our decarbonization and energy transition initiatives,” stated Khaled Al Zaabi, Chief Financial Officer of the ADNOC Group. The money from this credit facility will help ADNOC carry out its plan to promote a fair, lawful, and just transition to energy globally. The agreement also represents the next development in the long-standing strategic energy partnership between Japan and the United Arab Emirates. As ADNOC fulfils its aggressive growth plan, we anticipate working with JBIC in the future.
With an investment of $23 billion (AED84.4 billion) to decarbonize its operations and accelerate the process, ADNOC, one of the world’s least carbon-intensive oil and gas producers, plans to further reduce its carbon intensity by 25% by 2030.
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