Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) has signed a general agreement with the Japan Bank for International Cooperation (JBIC) for a $3 billion (AED 11 billion) green financing.

The facility deal followed the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January 2024 and builds on their long-standing successful partnership, according to a press release.

Partially backed by Japanese commercial banks, this aligns with JBIC’s strategy for Reconciling Economic growth and ENvironmental preservation (GREEN) lending programme.

Khaled Al Zaabi, CFO of ADNOC, commented: “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,” Al Zaabi continued.

ADNOC is further lowering its carbon intensity by 25% by 2030 while investing $23 billion (AED 84.40 billion) to decarbonise its operations and accelerate the growth of the energies of the future, including hydrogen, geothermal, renewables and carbon capture technologies.

Earlier this month, the UAE-based group and e& teamed up to build the energy industry’s largest private 5G wireless network.