Monday, December 9, 2019
K-Sure Offers US$3 Bil. Financial Insurance to Abu Dhabi State Oil Company
A Strategic Partnership with ADNOC
K-Sure Offers US$3 Bil. Financial Insurance to Abu Dhabi State Oil Company
  • By Yoon Young-sil
  • December 3, 2019, 09:21
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Kim Ho-il (left), head of K-Sure Investment Banking and Ahmed Hasim Al-Jabi, director-general of ADNOC, shake hands after signing an MOU at ADNOC main office in Abu Dhabi.

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.