ENOC Group said it has secured a five-year US$690 million term loan from a Chinese consortium of banks.
The term loan will finance general corporate purposes as ENOC continues to fuel the local economy through its business divisions in exploration & production, supply & operations, terminals, fuel retail, aviation fuel and petroleum products for commercial & industrial use, the company said.
The consortium consists of Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China and China Construction Bank (CCB) – China’s top three banks in terms of size, assets and profits. ICBC acts as coordinating bank.
Saif Humaid Al Falasi, Group chief executive officer of ENOC, said: “With rapid changes in the evolving energy industry, there is a global shift towards alternative energy, innovation and digitisation. 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.”
ICBC, the largest bank in the world by total assets and net profit, has been appointed as the facility agent for the deal and has structured the transaction.
“The financing also underpins confidence by international lenders in the growth and operational excellence of ENOC over the last 25 years in this region and internationally,” added Al Falasi.
Zhang Junguo, general manager of ICBC Dubai (DIFC) Branch, said: “This transaction highlights our confidence in ENOC’s long term growth as well as our continued commitment to supporting the local economy.”