Export-Import Bank of Korea and Korea Development Bank Inject USD 3 Billion Emergency Support into Korea National Oil Corporation

by Lee Eunjoo

Published 16 Apr.2026 16:56(KST)

The Export-Import Bank of Korea and the Korea Development Bank will jointly provide a total of USD 3 billion in policy finance to Korea National Oil Corporation. This measure is intended to proactively secure liquidity for a key energy public enterprise in response to the complex energy and financial crisis originating in the Middle East.

Export-Import Bank of Korea and Korea Development Bank Inject USD 3 Billion Emergency Support into Korea National Oil Corporation

On April 16, the Export-Import Bank of Korea announced that, together with the Korea Development Bank, it would provide a total of USD 3 billion (USD 1.5 billion each from both banks) in support to Korea National Oil Corporation. This aid was decided swiftly following a meeting between the heads of the Export-Import Bank of Korea, Korea Development Bank, and Korea National Oil Corporation on March 27, as swift collaboration among related ministries and agencies was achieved. The two banks have agreed to divide their roles based on the characteristics of each product to maximize support efficiency. The Export-Import Bank of Korea will focus on providing funds for crude oil import payments, while the Korea Development Bank will supply funds that can be used for a variety of purposes, including crude oil purchases, bond repayments, and facility renovations.

Through this, Korea National Oil Corporation will be able to proactively secure the liquidity it needs in times of crisis and quickly respond to fluctuations in international oil prices and supply disruptions. With this support, the Export-Import Bank of Korea has established an “energy security full-cycle support system” that covers everything from overseas resource development to providing funds for import payments needed to bring in equity volumes in times of emergency. The scope of financial support has been expanded to include the process of bringing the equity volumes secured in overseas oil fields invested in by Korea National Oil Corporation back to Korea. A representative from the Export-Import Bank of Korea stated, “This cooperation has allowed related ministries and policy finance institutions to establish a whole-of-government cooperation framework, creating a safety net for energy security,” adding, “We will continue to concentrate our policy support capabilities so that Korea National Oil Corporation can focus on its core mission.”