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02/08/2017 - 19:41hs

Enoc raises USD 500 million for expansion

The Dubai-based oil company took out loans with seven different banks to fund projects in the next five years.

Dubai – Enoc, the oil company based in Dubai, the United Arab Emirates, raised USD 500 million in loans from seven different regional and international banks to meet the costs of its expansion over the next few years, Emirates News Agency (WAM) has reported. The banks are Emirates NBD, ABN AMRO Bank, DBS Bank, Gulf International Bank, Citibank, Standard Chartered Bank, and BBK B.S.C.

“Over the next five years, the Group will focus on expanding capacities to support domestic energy demand in alignment with the Dubai Plan 2021 and in preparation for EXPO 2020. This includes a 50 percent 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 the Al Maktoum International Airport [also in Jebel Ali] by the end of 2019,” WAM quoted Enoc CEO Saif Humaid Al Falasi as saying.

*Translated by Gabriel Pomerancblum

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