December 18, 2025 – Dubai, UAE – Abu Dhabi National Oil Company (ADNOC) has secured $11 billion in structured financing to support future gas production from its Hail and Ghasha development projects. The deal, involving 20 global and regional banks, is structured as a pre-export finance (PXF) model, enabling ADNOC to monetize future gas output years before the first production, expected by the end of the decade.

The financing agreement comes after Russia’s Lukoil exited the Ghasha project, transferring its 10% stake to ADNOC following U.S. sanctions, which targeted Russian energy operations. ADNOC now leads the project alongside international partners Eni and PTTEP.

Details of the $11 Billion Financing

The pre-export finance facility allows ADNOC to access upfront cash based on future gas throughput, reducing the company’s equity requirements and improving project returns. The financing is non-recourse, meaning lenders have limited claims outside of the project’s assets and revenue.

Key participants include:

• 11 local and regional banks
• 7 Asian banks, including the Bank of China and ICBC
• 3 Western lenders, including Citi

Industry sources highlighted that this represents one of the largest contributions from Chinese banks to a pre-export finance facility in the Middle East.

ADNOC CEO Sultan Al Jaber emphasized the strategic significance of the projects:
“Hail and Ghasha is an important contributor to ADNOC’s gas strategy and is on track to generate significant value.”

The projects are expected to produce 1.8 billion cubic feet per day (bcfd) of gas while aiming for net-zero emissions, supporting ADNOC’s broader strategy to transition into a global energy major.

Background: ADNOC’s Financing Strategy

ADNOC has previously leveraged its balance sheet through lease-leaseback deals, subsidiary listings, and the creation of XRG, an international investment arm now managing more than $150 billion in assets, including stakes in Germany’s Covestro. The Hail and Ghasha financing marks the first greenfield gas-based pre-export finance deal, demonstrating ADNOC’s innovative approach to funding large-scale energy projects.

The exit of Lukoil reflects broader geopolitical pressures, as the Russian oil major has sought to divest foreign assets impacted by U.S. sanctions related to the conflict in Ukraine.

Strategic and Market Implications

The Hail and Ghasha projects are crucial to ADNOC’s gas strategy and the UAE’s position as a key global energy supplier. The $11 billion financing underscores growing participation from Asian banks in Middle Eastern energy projects and highlights the increasing role of pre-export finance models in unlocking large-scale infrastructure funding.

With production expected before 2030, Hail and Ghasha will significantly bolster regional gas supply, contributing to energy security, regional economic growth, and ADNOC’s commitment to low-carbon operations.