ENOC secures US$500m revolving credit facility

News | 3 August 2017

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Dubai-based Emirates National Oil Company  (ENOC Group) has completeda US$500m three-year unsecured revolving credit facility (RCF).

The funding will support the group’s growth strategy and comes from a syndicate of seven international and regional banks.

ENOC is an oil and gas producer and trader, and has exploration, fuel retail and aviation businesses – the group has experienced an average growth of 11% over the last five years.

Saif Humaid Al Falasi, ENOC CEO said, “Over the next five years, the group will focus on expanding capacities to support domestic energy demand in alignment with Dubai Plan 2021 and in preparation for EXPO 2020. This includes a 50 per cent capacity increase of ENOC's Jebel Ali refinery to reach 210,000 barrels per day, as well as the construction of Project Falcon's 16 kilometre jet fuel pipeline extension to Al Maktoum International Airport by end of 2019.”

The RCF will be funded by Emirates, ABN AMRO, DBS Bank, Gulf International, Citi, Standard Chartered Bank and BBK.

Al Falasi added, “Receiving a credit facility from leading lending institutions is an expression of confidence through our strong financial and business performance over the years.”

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