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12 Jun 2019, Gergana Bencheva, EMIS Editor

Enoc secures USD 690m loan from Chinese banks

Dubai-based Emirates National Oil Company (Enoc) has secured a five-year USD 690 million loan from a Chinese consortium of banks, Bidsinfo News reported. The fresh funding will allow the company to finance its growth plans.

The consortium involves China's top three banks in terms of size, assets, and profits, namely the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, and China Construction Bank.

Enoc plans to use the loan to finance corporate purposes as it continues to grow through its divisions such as in exploration and production, terminals, fuel retail, and petroleum products. The company is also in line with the global shift towards alternative energy, innovation, and digitisation, Bidsinfo News added.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Bidsinfo News