ENOC Group on Monday announced it has secured a five-year $690 million term loan from a consortium of China’s top three banks in terms of size, assets, and profits.
The consortium comprises Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, and China Construction Bank (CCB), according to a press release.
ICBC, the largest bank in the world by total assets and net profit, acts as the coordinating bank the deal, the release noted.
Saif Humaid Al Falasi, CEO of ENOC, said: “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.”
“The financing also underpins confidence by international lenders in the growth and operational excellence of ENOC over the last 25 years in this region and internationally,” Al Falasi added.
The Dubai-based diversified energy group will use the loan to finance its general businesses through its divisions in exploration and production, supply and operations, terminals, fuel retail, aviation fuel, and petroleum products for commercial and industrial use.
In turn, Zhang Junguo, General Manager of ICBC Dubai (DIFC) Branch, said: “We would like to thank ENOC for trusting us to lead this financing. This transaction also highlights our confidence in ENOC’s long term growth as well as our continued commitment to supporting the local economy.”