Adnoc has secured a combined USD 13 bn in fresh financing in less than a week — lining up a USD 2 bn green loan backed by Korea Trade Ins. Corporation (K-Sure) yesterday and securing up to USD 11 bn in financing for its Hail and Ghasha offshore gas development last week, according to statements here and here.

For the K-partnership: The agreement — which marks Adnoc’s first-ever facility underwritten by the South Korean Export Credit Agency (ECA) — brings its total green-labeled funding within the span of 18 months to USD 5 bn, after receiving a USD 3 bn facility from Japan Bank for International Cooperation last year.

Advisors- First Abu Dhabi Bank served as green loan coordinator, with Santander acting as the ECA coordinator.

As for its other greenfield gas project–

Adnoc is set to leverage the funding for its Hail and Ghasha offshore gas development — which is part of the broader Ghasha concession. The transaction allows it to access capital based on future gas production, giving it funds upfront without exposing its wider balance sheet to project risk.

“It’s the first-ever greenfield gas-based pre-export finance,” Reuters quotes a source it says is close to the transaction as saying. The company says the approach could serve as a model for funding other large-scale greenfield energy projects.

There’s also a geopolitical maneuver: The financing comes weeks after Lukoil’s US sanction-driven exit from the concession, handing Adnoc its 10% stake, an Adnoc spokesperson told the newswire. This cleared the project — which is being developed in partnership with energy firm Eni and PTT Exploration and Production Public Company — for financing from the region and from Chinese banks.

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