Wed 02-08-2017 20:07 PM

ENOC secures US$500 mn credit facility to fund five-year growth plan

DUBAI, 2nd August, 2017 (WAM) -- The ENOC Group has secured a three-year unsecured general corporate purpose revolving credit facility, RCF, of US$500 million from seven leading international and regional banks to support its growth over the next few years.

Speaking about the development, Saif Humaid Al Falasi, Group CEO of ENOC, said, "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 by the end of 2019."

The RCF will be funded by Emirates NBD, ABN AMRO Bank, DBS Bank Ltd., Gulf International Bank, Citi, Standard Chartered Bank and BBK B.S.C.

"Despite the challenging macroeconomic situation, we have achieved record sales reflecting a five-year rolling average growth of 11 percent. Receiving a credit facility from leading lending institutions is an expression of confidence through our strong financial and business performance over the years," he added.

The Group’s five-year strategy calls for its efforts and investments in fulfilling Dubai's energy needs through the expansion of its refinery and service station network, building of its terminals’ storage capacity, and increasing its market share in the marketing of diesel, jet fuel and liquefied petroleum gas, LPG.

 

WAM/Tariq alfaham

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