Dubai oil company secures $690 mln funding from Chinese bank consortium
Dubai's Emirates National Oil Company (ENOC) announced on Monday that it has secured a five-year funding package worth 690 million U.S. dollars from a Chinese bank consortium.
The funding came from a consortium comprising Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, and China Construction Bank (CCB), which will help ENOC finance its general corporate activities.
The funding comes in line with the oil and gas giant's efforts to contribute to the United Arab Emirates (UAE)'s economic development through its exploration, production, supplies and other businesses, said ENOC.
The ICBC is the facility agent for the deal and has structured the transaction.
Commenting on the deal, general manager of ICBC Dubai (DIFC) branch Zhang Junguo said "this transaction highlights our confidence in ENOC's long-term growth as well as our continued commitment to supporting local economy."
Group Chief Executive Officer of ENOC Saif Humaid Al Falasi said that "we are forerunners in the areas of innovation and technology in the regional energy market and are pleased to see international financial institutions trusting and endorsing our growth plans and financial outlook."
In May 2019, ENOC revealed its Saudi Arabia expansion plans as part of the kingdom's Vision 2030, which included the opening of 124 services stations to meet increasing fuel demand in the Gulf nation and led to the creation of 500 jobs.