South Korea’s state-owned trade insurance firm, Korea Trade Insurance Corporation (K-Sure), has announced that it has reached an agreement to offer financial support worth $3 billion to the Abu Dhabi National Oil Company (ADNOC).
The move is part of South Korea’s efforts to further strengthen its ties with the top oil companies in the United Arab Emirates. Under the terms of the deal, ADNOC will be provided with insurance facilities for all its overseas projects by the K-Sure. The agreement is going to run for three years. It has also helped the oil company in getting loans from leading lenders like Citibank and Bank of China.
The South Korean insurer said, “K-Sure became the only South Korean financial organization which clinched a strategic alliance with the ADNOC.” The financing deal makes it the biggest one that has been offered by K-Sure thus far this year. It is a significant deal for K-Sure as well because ADNOC is the biggest oil firm in the UAE and controls as much as 95% of the oil reserves in the country.
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