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Sulphur 422 Jan-Feb 2026

29 January 2026

Financing in place for Hail and Ghasha

UNITED ARAB EMIRATES

Financing in place for Hail and Ghasha

The Abu Dhabi National Oil Company (ADNOC), working in partnership with Italy’s Eni and Thailand’s PTT Exploration and Production, has completed a structured financing transaction of up to $11 billion for its huge Hail and Ghasha sour gas development. Dr. Sultan Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and ADNOC’s Managing Director and Group CEO, commented: “This landmark transaction builds on ADNOC’s successful track record of global energy partnerships and unlocks capital to drive progress at Hail and Ghasha, one of the world’s most ambitious offshore gas projects. The exceptional demand from over 20 leading global and regional financial institutions reinforces confidence in ADNOC’s value creation strategy, innovative approach to financing, and expertise in delivering mega projects. Hail and Ghasha is an important contributor to ADNOC’s gas strategy and is on track to generate significant value for ADNOC, our partners, and the UAE, while unlocking important new gas resources for our customers.”

Chinese lenders Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China were part of the deal, which also saw participation from seven local banks. Funds from the deal will be available in “staggered phases” to help build gas processing plants, which would include sulphur separators for the ultra-sour gas concessions.

The Hail and Ghasha concessions are expected to produce up to 1.8 billion scf/d of gas, with first gas from the project expected by the end of the decade. It is described as the world’s first offshore gas project of its kind that aims to operate with net zero emissions, capturing 1.5 million t/a of carbon dioxide (CO2).

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