Xinhua | 2016-06-14
June 14 (Xinhua) -- Emirates National Oil Company (ENOC) said Tuesday
it received a green light for a five-year unsecured loan worth 230
million U.S. dollars from China's Industrial and Commercial Banking
Corporation (ICBC), for the expansion of its business.
The ENOC said in a statement the loan
was secured from the bank's branch located at the Dubai International
Financial Center (DIFC) in the United Arab Emirates (UAE).
"The trust placed by ICBC in us is a
big testament of our robust business and financial performance," said
Petri Pentti, Chief Financial Officer at ENOC Group.
ICBC is the biggest bank in the world in relation to assets and market capitalization.
Pentti added that the ENOC has a
long-term strategy in place, "which is not greatly impacted by the
change in the economic climate of the region."
The loan will help ENOC fund its new
projects and support the company's expansion strategy and business
operations in light of the challenges faced by the international oil and