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ENOC Group Secures USD 690 Million Term Loan From Chinese Banks

Gasoil News - Published on Mon, 17 Jun 2019

Image Source: Arabian Oil and Gas
ENOC Group has secured a five year USD 690 million term loan from a Chinese consortium of banks as China’s biggest financial institutions endorse the Group’s operational and financial health. The term loan will finance general corporate purposes as ENOC continues to fuel the local economy through its business divisions in exploration & production, supply & operations, terminals, fuel retail, aviation fuel and petroleum products for commercial & industrial use. The consortium consists of Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank – China’s top three banks in terms of size, assets and profits. ICBC acts as coordinating bank.

His Excellency Mr Saif Humaid Al Falasi, Group Chief Executive Officer of ENOC, said that “With rapid changes in the evolving energy industry, there is a global shift towards alternative energy, innovation and digitisation. We are forerunners in the areas of innovation and technology in the regional energy market and are pleased to see international financial institutions trusting and endorsing our growth plans and financial outlook.”

ICBC, the largest bank in the world by total assets and net profit, has been appointed as the facility agent for the deal and has structured the transaction.

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Posted By : Sanju Moirangthem on Mon, 17 Jun 2019
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