UAE’s ENOC secures $500m revolving credit facility

Emirates National Oil Company (ENOC) has secured a $500m revolving credit facility which it will use to back its growth over the next few years, it said in a statement on Thursday.

The loan, with a three-year maturity, will be provided by a group of seven banks comprising Emirates NBD, ABN AMRO Bank, DBS Bank Ltd, Gulf International Bank, Citi, Standard Chartered Bank and BBK B.S.C.

ENOC Group’s chief executive, Saif Humaid Al Falasi, said: “Over the next five years, the group will focus on expanding capacities to support domestic energy demand in alignment with Dubai Plan 2021 and in preparation for Expo 2020. This includes a 50 per cent capacity increase of ENOC’s Jebel Ali refinery to reach 210,000 barrels per day, as well as the construction of Project Falcon’s 16 kilometre jet fuel pipeline extension to Al Maktoum International Airport by end of 2019.”

ENOC also said that over the next five years it would look at the expansion of its refinery and station network, build storage capacity in its terminals, and increase its market share in the marketing of diesel, jet fuel and Liquefied Petroleum Gas (LPG).