DUBAI — Emirates National Oil Company (ENOC) secured a $1.5 billion term debt syndicated facility from local, regional and international banks. This nine year USD and AED financing was fully underwritten by Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, Mashreqbank, Noor Bank, Abu Dhabi Islamic Bank and Standard Chartered Bank. In the syndicated market, the deal was well supported and oversubscribed where additional 14 local and regional banks participated in the transaction. This long-term unsecured general corporate facility is arranged at competitive and flexible terms to support ENOC 's expansion strategy and 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 UAE's and Dubai's social and economic development. We are exploring opportunities for growth while we capitalize on existing expertise to meet market challenges and emerge stronger and resilient," said Saif Al Falasi, Group Chief Executive Officer of ENOC . "We are very pleased with this financing arrangement as it is a strong testament to the banking sector's confidence in ENOC 's business model and its strong cash flow generation abilities," said Petri Pentti, Chief Financial Officer of ENOC. ENOC 's business activities span the development and production of oil and gas; production, refining and selling of oil products; marketing and retailing of petroleum products; oil trading, terminaling and storage; aviation fuel, LPG and lubricants marketing, and various oil-related shipping activities. By building on their success in international markets and by aiming to establish an exploration and production portfolio, ENOC aspires to become recognized as a leading international oil and gas company. — SG
