ADNOC taps $5bn loan from Korean export bank
The Export-Import Bank of Korea (KEXIM Bank) has agreed to provide $5bn in loans to Abu Dhabi National Oil Co (ADNOC), Korean media reported on June 21.
Citing a statement by the bank, BusinessKorea said that a financial cooperation agreement had been signed by KEXIM president Bang Moon-kyu and ADNOC chairman Sultan Ahmed Al Jaber at the UAE company's headquarters in Abu Dhabi on June 20. The deal covers $5bn in mid- to long-term loans.
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In addition, KEXIM will provide financial services to Korean companies when they win orders for large-scale projects from ADNOC. According to BusinessKorea, Korean companies have won $6.8bn in contracts from ADNOC since 2017. South Korea is also a key buyer of UAE oil, and recently ADNOC has been discussing joint hydrogen and ammonia projects with Korean firms.