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Trade insurer to offer financing worth US$3 bln to UAE oil firm

Industry 14:23 December 02, 2019

SEOUL, Dec. 2 (Yonhap) -- South Korea's state-run trade insurance firm said Monday it has agreed to offer financial support worth US$3 billion to the Abu Dhabi National Oil Company (ADNOC) in line with its efforts to expand ties with the top energy firm of the United Arab Emirates.

Under the deal, the Korea Trade Insurance Corporation (K-Sure) will offer insurance for the ADNOC's overseas project over the next three years, helping the firm to win loans from major global banks, including the Bank of China and U.S. Citibank.

It marks the largest single financing offered by K-Sure in 2019.

"K-Sure became the only South Korean financial organization which clinched a strategic alliance with the ADNOC," the company added.

The ADNOC is the largest firm in the Middle East country, overseeing 95 percent of the UAE oil reserves.

Trade insurer to offer financing worth US$3 bln to UAE oil firm - 1

colin@yna.co.kr
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