United Arab Emirates:

Abu Dhabi National Oil Company (Adnoc) has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion green financing facility.

The deal comes following the signing of a Heads of Agreement (HOA) between Adnoc and JBIC in January this year and builds on their long-standing successful partnership.

This credit facility is part of JBIC’s Global action for Reconciling Economic growth and Environmental preservation (GREEN) lending programme and is partially supported by Japanese commercial banks, said a statement from Adnoc.

The deal was signed by Khaled Al Zaabi, Adnoc Group Chief Financial Officer and Kazuhiko Amakawa, Deputy Governor of JBIC, at the ministry's headquarters in Tokyo in the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO; Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Ken Saitō, the Minister of Economy, Trade and Industry of Japan.

Al Zaabi expressed delight at once again partnering with the Japanese bank on Adnoc’s first green funding to accelerate its 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," he added.