UAE’s ENOC secures $500 mln revolving credit facility

ENOC Group has obtained a three-year unsecured revolving credit facility (RCF) worth $500 million funded by regional and international banks, to support its growth over the next five years, it said in a statement on Wednesday.

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.., ENOC said.

“Despite the challenging macroeconomic situation, we have achieved record sales reflecting a five-year rolling average growth of 11 percent,” ENOC group CEO Saif Humaid said in the statement.

Over the next five years, ENOC plans to focus on expanding capacities to support domestic energy demand, he added.

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 Al Maktoum International Airport by end of 2019.