14 June 2016
· Loan to finance long-term strategic growth of the organisation

· Reflects the trust placed by the financial sector in ENOC's liquidity and profitability

Dubai, UAE - The Emirates National Oil Company (ENOC) has secured a USD230 million unsecured loan from the Industrial and Commercial Bank of China Ltd (ICBC), one of China's 'Big Four' state-owned commercial banks, and the largest in the world by total assets and by market capitalisation. The loan was secured from the bank's branch located at the Dubai International Financial Center (DIFC) in the United Arab Emirates.

The five-year loan is part of ENOC's sustainable funding strategy which was arranged at competitive and flexible terms. The loan will enhance the continuous contribution of the state-owned company to UAE's and Dubai's economic development.

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."

The loan will help ENOC fund its new projects and support the company's expansion strategy and business operations in the shadow of the challenges faced by the international oil and gas market.

"This deal is an indicator of ENOC's global marketplace intentions. The trust placed by the Industrial and Commercial Bank of China in us is a big testament of our robust business and financial performance."

The move also demonstrates ENOC's prominent position in the regional and international markets, and underlines the trust of the world's leading International financial and banking institutions in the company and its businesses.

Despite the difficult macroeconomic landscape, ENOC revenues increased by 45 per cent over the last five years, reflecting strong operational and sales performance, and increased efficiencies in supply chain management in domestic and overseas markets such as North Africa and the Far East.

-Ends-

About ENOC:
Emirates National Oil Company Group (ENOC) is a leading integrated global oil and gas player operating across the energy sector value chain. A wholly owned company of the Government of Dubai, ENOC Group offers a diverse portfolio of assets operating across five business segments: Supply, Trading and Processing, Terminals, Marketing, Retail and Exploration and Production. Servicing thousands of customers across 60 markets, the Group employs a workforce of over 9,000 employees and is deploying its world-class customer service, latest innovations and technologies and best practices towards the UAE's social and economic development. For further information, please visit: www.enoc.com  

About ICBC:
Industrial and Commercial Bank of China (ICBC) is the largest bank in the world by total assets, tier 1 capital and pre-tax revenue. A Chinese state-owned bank, ICBC is listed on both the Shanghai and Hong Kong stock exchanges. The bank provides comprehensive financial products and services to 5,320 thousand corporate customers and 496 million personal customers. It has over 400 overseas institutions in 42 countries and regions worldwide. The principal activities of the Bank and its subsidiaries (collectively referred to as the "Group") comprise corporate and personal banking, treasury operations, investment banking, asset management, trust, financial leasing, insurance and other financial services. The Group employs a workforce of over 460,000 and is headquartered in Beijing, China.

For further information, please visit:   www.icbc.com.cn

For further information, please contact:
ASDA'A Burson-Marsteller
Naafia Mattoo  
T: +9714 4507600
E: naafia.mattoo@bm.com

Mazen Al Ebrahem
T: +9714 4507 693
E: Mazen.Alebrahem@bm.com

© Press Release 2016