K-SURE to provide $2 bil. in financial support to UAE's largest oil company

The Korea Trade Insurance (K-SURE) said Monday it plans to provide financial support worth $2 billion to Abu Dhabi National Oil (ADNOC), the United Arab Emirates' largest petroleum company, to help Korean firms' business projects in the Middle Eastern country. The financial support will be provided in return for ADNOC's efforts to secure project orders for Korean firms and purchase Korean-made materials and equipment, K-SURE said. The deal comes as a follow-up measure to a memorandum of understanding (MOU) signed between the two sides for strategic business cooperation during President Lee Jae Myung's visit to the Middle Eastern nation last month. Under the MOU, the two sides will cooperate in facilitating exports of Korean goods and services for artificial intelligence, renewable energy and power grids to the Middle East, according to K-SURE.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times