ENOC secures USD230 million loan from Industrial and Commercial Bank of China (ICBC)
The Emirates National Oil Company (ENOC) has secured a USD230 million 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 worldwide by overall possessions and by market capitalisation. The loan was secured from the bank's branch located at the Dubai International Financial Center (DIFC) in the United Arab Emirates.
The five-year loan belongs to ENOC's sustainable funding method which was organized at competitive and flexible terms. The loan will boost the constant contribution of the state-owned company to UAE's and Dubai's economic advancement.
Petri Pentti, Chief Financial Officer at ENOC Group commented: "ENOC has a long-lasting method in place which is not considerably impacted by the change in the financial climate of the region. We are confident of our development strategies and will continue to move with our expansion prepares across Supply Trading & Processing, Retail, Marketing, Terminals and Exploration and Production businesses.".
The loan will assist ENOC fund its new projects and support the company's growth strategy and company operations in the shadow of the obstacles faced by the global oil and gas market.
" This deal is an indicator of ENOC's global marketplace intents. The trust positioned by the Industrial and Commercial Bank of China in us is a big testament of our robust business and monetary performance.".
The move also demonstrates ENOC's prominent position in the regional and worldwide markets, and highlights the trust of the world's leading International financial and banking organizations in the company and its businesses.
In spite of the difficult macroeconomic landscape, ENOC profits increased by 45 per cent over the last five years, reflecting strong functional and sales performance, and increased performances in supply chain management in domestic and overseas markets such as North Africa and the Far East.
