Dubai - Mubasher: Emirates National Oil Company (ENOC) has announced securing a $1.5 billion term-debt syndicated facility from local, regional and international banks.

This nine-year USD and AED financing facility was fully underwritten by Emirates NBD, Commercial Bank of Dubai (CBD), Dubai Islamic Bank (DIB), Mashreqbank, Noor Bank, Abu Dhabi Islamic Bank (ADIB) and Standard Chartered Bank, ENOC revealed in its statement release on Wednesday.

Arranged at competitive and flexible terms, the long-term will be used to support ENOC’s expansion strategy as well as safeguard access to long-term sustainable funding.

“Our growth strategy for the future is clear and ambitious. We are committed to continuing our contribution to [the] UAE’s and Dubai’s social and economic development,” said Saif Al Falasi, ENOC group CEO.

ENOC’s business activities involve the development and production of oil and gas; production, refining and selling of oil products; marketing and retailing of petroleum products; oil trading, terminalling and storage; aviation fuel, LPG and lubricants marketing, and various oil-related shipping activities.