Skip to content Skip to Search
Skip navigation

Adnoc secures $3bn to advance decarbonisation plan

Kazuhiko Amakawa, deputy governor of JBIC and Khaled Al Zaabi, Adnoc group CFO sign the agreement in Tokyo Wam
Kazuhiko Amakawa, deputy governor of JBIC and Khaled Al Zaabi, Adnoc group CFO sign the agreement in Tokyo

State-backed oil company Adnoc will use an AED11 billion ($3 billion) green financing facility from Japan Bank for International Cooperation (JBIC) to accelerate its decarbonisation and energy transition initiatives.

The deal follows a heads of agreement signed between the two entities in January, the UAE state-run Wam news agency reported.

The facility is part of JBIC’s global action for reconciling economic growth and an environmental preservation lending programme, which is partially supported by Japanese commercial banks.



The credit facility will enable Adnoc to support a just, orderly and equitable global energy transition, said group CFO Khaled Al Zaabi.

Adnoc, which claims to be one of the world’s least carbon-intensive oil and gas producers, aims to reduce its carbon output by 25 percent by 2030.

The energy major is investing AED84.4 billion to decarbonise its operations and accelerate the development of hydrogen, geothermal, renewables and carbon capture technologies.

Adnoc intends to achieve net zero by 2045 and zero methane emissions by 2030.  

Latest articles

Saudi inflation June 2024. Clothing and footwear prices in Saudi Arabia were down 3.2 percent year on year in June, and 0.2 percent month on month

Non-oil discounting brings Saudi inflation down

Saudi Arabia’s year-on-year consumer inflation rate fell to a low of 1.5 percent as non-oil businesses competed over prices but the wholesale price index remained at a high of 3.2 percent, reflecting high prices globally.  The consumer price index was down from 2.7 percent in June 2023. The CPI was also down from the 1.6 […]

hasan al fardan

Fintechs having ‘no impact’, says remittances CEO

Fintechs are no threat to the UAE-based remittances company Al Fardan Exchange, its CEO Hasan Al Fardan has declared. Al Fardan said there was no intention to drop fees to compete with finance technology startups. To date, he said, fintechs have had “no material impact on our business or our operations. We are hitting record […]

Almost 300,000 European visitors contributed to Oman's hotel revenues growing by more than 10 percent

Oman hotel revenues increase more than 10%

Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […]

Saudi fishing trawlers

Saudi fishing industry bolstered by support plan

Saudi Arabia’s fishing industry has landed a financial support programme from the government as part of plans to develop and safeguard the sector. Fish production in the kingdom increased 80 percent in 2023 year on year to 214,600 metric tonnes. The goal is to increase that by 7 percent to 230,000 tonnes this year. The […]