ENOC Secures US$500 Million Credit Facility from International and Regional Banks
ENOC Group has actually secured a three-year unsecured general corporate purposes Revolving Credit Facility (RCF) of US$ 500 million from seven leading global and regional banks to sustain its growth over the following few years.
His Excellency Saif Humaid Al Falasi, Group Chief Executive Officer of ENOC, said: "Over the next five years, the Group will certainly concentrate on increasing capabilities to support domestic energy need in alignment with Dubai Plan 2021 and to prepare for EXPO 2020. This includes a 50 percent capability increase of ENOC's Jebel Ali refinery to reach 210,000 barrels daily, as well as the construction of Project Falcon's 16 kilometre jet gas pipe expansion to Al Maktoum International Airport terminal by end of 2019."
The RCF will be funded by Emirates NBD, ABN AMRO Bank, DBS Bank Ltd, Gulf International Bank, Citi, Requirement Chartered Bank and BBK B.S.C.
Al Falasi added: "Regardless of the challenging macroeconomic situation we have attained document sales mirroring a five-year moving ordinary growth of 11 percent. Obtaining a credit facility from leading lending institutions is an expression of confidence through our strong monetary and business performance over the years."
The Group's five-year method asks for its efforts and investments in meeting Dubai's energy needs through the growth of its refinery and filling station network, developing its terminals' storage space ability, and boosting its market share in the advertising and marketing of diesel, jet gas and Liquefied Petroleum Gas (LPG).
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