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ICIEC Signs $15m DCIP Agreement with Saudi National Bank

ICIEC Signs $15m DCIP Agreement with Saudi National Bank
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ICIEC Signs $15m DCIP Agreement with Saudi National Bank

ICIEC Signs $15m DCIP Agreement with Saudi National Bank

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a $15 million Documentary Credit Insurance Policy (DCIP) with the Saudi National Bank (SNB).
The DCIP agreement signing took place at the Ritz Carlton Hotel in Jeddah, on the sidelines of the IsDB Group Annual Meeting.
The CEO of ICIEC, Oussama Kaissi, and SNB Head of Financial Institutions Ayman Basmaih signed the DCIP agreement, state news agency SPA reported.
The DCIP, one of the fundamental policies of ICIEC’s unique suite of underwriting solutions, supports the potential of the SNB to provide confirmation lines to various issuing banks in Saudi Arabia or the ICIEC member states for bilateral trade transactions.
The DCIP is a comprehensive non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.

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Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
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Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.