Korea Trade Insurance Corp. (K-Sure) announced on Nov. 2 that it will provide Abu Dhabi National Oil Co. (ADNOC) in the United Arab Emirates (UAE) with US$3 billion in financing.
K-Sure signed an MOU with ADNOC in Abu Dhabi. Under the agreement, K-Sure will provide up to US$3 billion in overseas business financial insurance from this date.
A K-Sure official said, “US$3 billion is the largest amount of mid- and long-term financial support from world export credit institutions this year.” He also added, “K-Sure is the only domestic financial institution to establish a strategic partnership with ADNOC.”
Global banks such as the U.S. Citibank and the Bank of China (BOC), including the Santander Bank, which served as a facilitator, will lend to ADNOC with K-Sure's insurance.
ADNOC is the largest resource company in the UAE, managing over 90 percent of the country's oil and gas reserves. According to K-Sure, ADNOC is an excellent client that carries out petroleum exploration and development, refining, petrochemical production and sales on behalf of the UAE government.