Emirates National Oil Company secures loan from biggest bank in China
The Emirates National Oil Company (ENOC) has secured a US$ 230 million unsecured loan from the Industrial and Commercial Bank of China Ltd (ICBC), the largest in the world by total assets and by market capitalisation.
The five-year loan is part of ENOC’s sustainable funding strategy which was arranged at competitive and flexible terms. The loan will enhance the continuous contribution of the state-owned company to UAE’s and Dubai’s economic development.
Petri Pentti, Chief Financial Officer at ENOC Group said: “ENOC has a long-term strategy in place which is not greatly impacted by the change in the economic climate of the region. We are confident of our growth plans and will continue to move ahead with our expansion plans across supply trading & processing, retail, marketing, terminals and exploration and production businesses.”
The loan will help ENOC fund its new projects and support the company’s expansion strategy and business operations in the shadow of the challenges faced by the international oil and gas market.
Despite the difficult macroeconomic landscape, ENOC revenues increased by 45 percent over the last five years, reflecting strong operational and sales performance, and increased efficiencies in supply chain management in domestic and overseas markets such as North Africa and the Far East.
Read the June 2016 issue of Business Review Middle East magazine