Emirates National Oil Company Limited (ENOC) signed a three-year, $50 million, medium-term loan agreement with Bahrain-headquartered Gulf International Bank (GIB), which gives the group short and long-term investment options.
"We will use this facility to augment our domestic and international corporate investments in the oil and gas sector," said ENOC Group Chief Executive Hussain Sultan. "Maintaining a competitive edge requires constant commitment of funds to reinforce market position and launch operations in new territories."
The loan facility was arranged through GIB's Abu Dhabi office, which has been serving the United Arab Emirates (UAE) since 1990. Major UAE projects recently financed by GIB include Taweelah A1 and A2 power projects and the Shuweihat power plant. Aircraft and ship acquisition deals have also been financed by GIB in the recent past. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
