Emirates National Oil Company secures $230 million loan from Chinese bank

The Emirates National Oil Company (ENOC) has secured a $230 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 bank in the world in terms of total assets.

The loan was secured at the bank’s branch at the Dubai International Financial Center (DIFC) in the UAE.

The five-year loan is part of ENOC’s sustainable funding strategy, arranged in flexible, competitive terms.

“ENOC has a long-term strategy in place which is not greatly impacted by the change in the economic climate of the region," Petri Pentti, chief financial officer at ENOC Group, said. "We are confident of our growth plans and will continue to move ahead with our expansion plans across Supply Trading & Processing, Retail, Marketing, Terminals and Exploration and Production businesses.” 

The loan will help ENOC fund new projects and support the company’s expansion strategy and business operations amid challenges faced by the international oil and gas markets.

Despite the difficult economic landscape, ENOC revenues increased by 45 percent over the last five years.