ADNOC secures $3bn financing for hydrogen and carbon capture projects

21 Nov 2021
ADNOC secures $3bn financing for hydrogen and carbon capture projects

Adnoc has signed a $3bn financing agreement with JJBIC and four Japanese banks for energy transition and energy efficiency projects, which will include hydrogen, ammonia fuel and carbon capture, utilisation and storage (CCUs)

Abu Dhabi National Oil Company (Adnoc) has signed a $3bn financing agreement with Japan Bank for International Cooperation (JBIC) and four Japanese banks for energy transition and energy efficiency projects, which will include hydrogen, ammonia fuel and carbon capture, utilisation and storage (CCUs).

Export credit agency JBIC will provide $2.1bn, with Sumitomo Mitsui Banking Corporation (SMBC), Tokyo branch of HSBC, Mizuho and MUFG providing the rest.

The financing marks the sixth loan that JBIC has provided for Adnoc. JBIC has also signed a memorandum of understanding (MoU) with Adnoc aimed at further “strengthening the comprehensive strategic partnership between JBIC and Adnoc,” JBIC revealed in a statement about the loan agreement.

Adnoc recently launched a new global renewable energy and green hydrogen venture with Abu Dhabi National Energy Company (Taqa).

The new strategic partnership will focus on domestic and international clean energy and waste-to-energy projects in addition to the production, processing and storage of green hydrogen and related activities.

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