DUBAI, United Arab Emirate, June 11 (NNN-WAM) – Dubai’s Emirates National Oil Company (ENOC), announced that, it has secured a five-year funding worth 690 million U.S. dollars from 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, “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 service stations, to meet the increasing fuel demand in the Gulf nation and creating 500 jobs.– NNN-WAM
