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FinancialNews


  • 11-06-19

    Dubai's ENOC seals funding deal at USD690m

    (MENAFN) Emirates National Oil Company (ENOC) of Dubai and a Chinese bank consortium signed a USD690 million financing agreement that will last for five years.

    Industrial and Commercial Bank of China (ICBC) is among the consortium, alongside Agricultural Bank of China, and China Construction Bank (CCB).

    Dubai's ENOC, under the agreement, will be able to fund its businesses in general corporate.

    This move comes as part of ENOC's target to help the growth of the UAE economy by activities covering exploration, production, and supplies.

    "This transaction highlights our confidence in ENOC's long-term growth as well as our continued commitment to supporting local economy," stated general manager of ICBC Dubai (DIFC) branch Zhang Junguo.

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