The loan will finance general corporate purposes as the company expands its exploration and production business, supply and operations as well as terminals, aviation fuel and petroleum products for commercial and industrial use.
Tuesday 11, June 2019 BY KUDAKWASHE MUZORIWA
ENOC Group has secured a five-year $690 million term loan from a consortium of Chinese banks.
In a statement, ENOC said that the consortium consisted of Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China and China Construction Bank (CCB).
HE Saif Humaid Al Falasi, the Group Chief Executive Officer of ENOC said that with rapid changes in the evolving energy industry, there is a global shift towards alternative energy, innovation and digitisation and ENOC is pleased to see international financial institutions trusting and endorsing our growth plans and financial outlook.
The transaction highlights our confidence in ENOC’s long term growth as well as our continued commitment to supporting the local economy, said Zhang Junguo, the General Manager of ICBC Dubai (DIFC) Branch.