ADNOC has secured $11 billion in pre‑export financing for its Hail and Ghasha gas projects, a move that provides upfront capital ahead of first production and signals the company’s push toward a global energy profile.

The financing, arranged with 20 banks including seven Asian lenders, follows the exit of Lukoil from the Ghasha concession, a shift that reflects the tightening of sanctions on Russian operators and the growing appetite of Asian banks for Middle East gas projects.

The $11 billion facility, structured as a pre‑export finance, is backed by future gas throughput and provides upfront cash years before first production, which is expected by the decade’s end. The deal involves 20 banks, of which 11 are local or regional, seven are Asian and three are Western, including Citi, Bank of China and ICBC. Eni and PTTEP are partners in the project, and the transaction follows the transfer of a 10% stake from Lukoil to ADNOC.

A source close to the deal said the pre‑export finance is the first‑ever greenfield gas‑based facility, allowing ADNOC to lower equity and improve returns. The same source added that the participation from Chinese banks is probably the largest ever in a Middle East pre‑export facility. ADNOC CEO Sultan Al Jaber said the Hail and Ghasha projects are an important contributor to the company’s gas strategy and are on track to generate significant value.

With the financing secured, ADNOC can accelerate development, target first production by the decade’s end, and continue leveraging its balance sheet to support a transition into a global energy major.