To Help ADNOC Finance Long-term Projects
Export-Import Bank of Korea (KEXIM Bank) announced on June 21 that it has signed a US$5 billion loan agreement with Abu Dhabi National Oil Co. (ADNOC) of the United Arab Emirates (UAE).
ADNOC is a state-run energy company wholly owned by the Abu Dhabi government of the UAE. The company discovers, refines and sells major resources such as crude oil and gas. Starting from 2017, Korean companies have won US$6.8 billion worth of contacts from ADNOC.
KEXIM Bank president Bang Moon-kyu met with ADNOC chairman Sultan Ahmed Al Jaber at the UAE company’s headquarters in Abu Dhabi on June 20. The two signed a financial cooperation agreement under which the Korean will provide mid- to long-term loans worth US$5 billion.
The agreement also included KEXIM Bank’s provision of financial services to Korean companies when they win orders for large-scale projects from ADNOC.