The Emirates National Oil Company (ENOC) has secured a $230mn unsecured loan from the Industrial and Commercial Bank of China Ltd (ICBC), one of China’s ‘Big Four’ state-owned commercial banks, and the largest in the world by total assets and by market capitalisation.
The loan was secured from the bank’s branch located at the Dubai International Financial Center (DIFC).
The five-year loan, ENOC says is part of its ‘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’, a company statement says.
“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 and processing, retail, marketing, terminals and Exploration & Production businesses,” Petri Pentti, chief financial officer at ENOC Group, said.
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 global oil and gas industry.
Despite the difficult macroeconomic landscape, ENOC revenues increased by 45% 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.
