Abu dhabi: Abu Dhabi National Oil Company (ADNOC), in partnership with Eni S.p.A. and PTT Exploration and Production Public Company Limited (PTTEP), announced the successful signing of a landmark structured financing transaction of up to AED40.4 billion ($11 billion) to monetize Hail and Ghasha's midstream future gas production. According to Emirates News Agency, the transaction is part of the Ghasha concession project, which aims to meet the growing energy demands of local industries and support the UAE's gas self-sufficiency ambitions. The Ghasha concession, located offshore Abu Dhabi, is set to produce 1.8 billion standard cubic feet per day (bscfd) of gas. Moreover, over 60 percent of the total investment will flow back into the UAE's economy through ADNOC's In-Country Value (ICV) program, ensuring that more economic value remains within the country. Hail and Ghasha is renowned for being the world's first gas development project that seeks to operate with net-zero emissions. The project will capture 1.5 million tonnes of carbon dioxide annually, equivalent to removing over 300,000 fuel-powered cars from the roads each year. It also aims to implement fully unmanned offshore operations, benefiting from ADNOC's advanced AI technologies integrated within the state-of-the-art Thamama Centre of Excellence to optimize operations and enhance efficiencies. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, remarked, "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 significant interest from over 20 leading global and regional financial institutions underscores confidence in ADNOC's innovative financing approach and its proven ability to deliver mega projects. The financing transaction, unique for an energy project of this scale, allows ADNOC to realize upfront value for its products at competitive rates. The innovative commercial model introduced in this transaction ring-fences midstream facilities and operations, enabling ADNOC and its partners to raise low-cost funding while retaining strategic control of the assets. This transaction marks the latest in a series of pioneering infrastructure development partnerships executed by ADNOC over the past decade, including significant pipeline partnerships and BOOT projects. These financial solutions have cemented ADNOC's role as an attractive partner for diversified capital and have reinforced its ability to deliver large-scale infrastructure projects. The bank consortium involved in the transaction comprises prominent financial institutions such as Abu Dhabi Commercial Bank, Citibank, Dubai Islamic Bank, First Abu Dhabi Bank, Industrial and Commercial Bank of China, Mizuho Bank, Standard Chartered Bank, among others, reflecting the extensive and diverse financial backing for the project.