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Tue 14 Jun 2016 01:42 PM

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Dubai's ENOC secures $230m loan from Chinese banking giant

Emirates National Oil Company says loan will help fund new project and support expansion strategy

Dubai's ENOC secures $230m loan from Chinese banking giant
(Bloomberg)

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.

The loan deal was agreed with the bank's branch located at the Dubai International Financial Centre (DIFC), a statement said.

Petri Pentti, chief financial officer at ENOC Group said: "ENOC has a long-term strategy in place which is not greatly impacted by the change in the economic climate of the region. 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 company said the loan will help it fund new projects and support the company's expansion strategy and business operations in the shadow of the challenges faced by the international oil and gas market.

"This deal is an indicator of ENOC's global marketplace intentions. The trust placed by the Industrial and Commercial Bank of China in us is a big testament of our robust business and financial performance," added Pentti.

ENOC said revenues have increased by 45 percent over the last five years, despite challenging market conditions.

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