Dubai Refiner ENOC Hires M&A Team, Close To $1.5 bn Loan -Sources

Dubai’s Emirates National Oil Company (ENOC) has hired a five-person team to work on mergers and acquisitions for the company as it seeks to expand beyond its home emirate, banking sources told Reuters on Sunday.

The state-owned company could use some of the proceeds from a $1.5 billion long-term loan, which it is close to agreeing with a group of seven local and international banks, to help fund this, the sources said.

ENOC, a downstream-focused firm owned by sovereign fund Investment Corporation of Dubai, operates service stations, fuel terminals and oil tankers in the Gulf.

It did not immediately respond to a request for comment.