ICBC loans $230 million to Emirates National Oil Company
May 20, 2020
The Industrial and Commercial Bank of China (ICBC) has agreed a loan of US$ 230 million to the Emirates National Oil Company (ENOC).
State-owned ICBC is the largest commercial bank in the world and the five-year loan is part of ENOC’s ‘sustainable funding strategy’.
Petri Pentti, Chief Financial Officer at ENOC Group commented: “ENOC has a long-term strategy in place which is not greatly impacted by the change in the economic climate of the region. We are confident of our growth plans and will continue to move ahead with our expansion plans across supply trading & processing, retail, marketing, terminals and exploration and production businesses.”