Korea Commerce Insurance coverage Company (Okay-SURE) introduced on Dec. 1 that it’s going to present a complete of $2 billion in financing to Abu Dhabi Nationwide Oil Firm (ADNOC), the UAE’s largest state-owned oil firm.
This measure goals to reinforce Korean corporations’ competitiveness in venture bidding via preemptive monetary help for main shoppers within the Center East area.
ADNOC is a world top-10 oil-producing firm owned by the Abu Dhabi authorities, increasing its enterprise from oil and gasoline improvement to AI, renewable power, hydrogen, and energy grids. Okay-SURE expects this monetary help to result in elevated participation of Korean corporations and purchases of Korean gear and supplies when ADNOC and its subsidiaries difficulty venture orders.
This help is a follow-up measure to the strategic cooperation MOU signed between Okay-SURE and ADNOC through the President’s state go to to the UAE final month. The MOU included ▲selling ADNOC’s purchases of Korean services and products for its tasks ▲cooperation in offering financing for tasks pursued by ADNOC and its subsidiaries.
The UAE is Korea’s third-largest crude oil provider after Saudi Arabia and the US, with crude oil imports reaching $11.9 billion in 2024. Accordingly, the federal government and public monetary establishments count on to contribute to strengthening core useful resource safety via expanded power cooperation with the Center East.
Chang Younger-jin, President of Okay-SURE, acknowledged, “Like this case of UAE ADNOC monetary help, offering financing to abroad shoppers anticipated to difficulty venture orders and buy merchandise for our corporations is evaluated as an efficient means for selling exports,” including, “We are going to proceed to establish creditworthy importers with intentions to difficulty venture orders to our corporations and buy Korean merchandise, supporting our corporations’ abroad market improvement and strengthening world competitiveness.”
