DUBAI: Emirates National Oil Company (Enoc) has obtained a $500 million credit facility from seven international and regional lenders to fund its local expansion in the next five years.
“Over the next five years, the group will focus on expanding capacities to support domestic energy demand in alignment with the Dubai Plan 2021 and in preparation for Expo 2020,” Saif Humaid Al-Falasi, the group CEO of Enoc, said in a statement.
Among Enoc’s projects include the $1 billion expansion of its Jebel Ali refinery, where an additional 12 storage tanks would be installed to increase the facility’s capacity by 50 percent to 210,000 barrels per day.
Enoc earlier said commercial production from the expanded refinery is scheduled to begin in the fourth quarter of 2019, and the new tanks would have a storage capacity of 450,000 cubic meters of jet fuel, naphtha and petrol blends.
The Dubai energy company’s Project Falcon, a plan to link the Jebel Ali storage facilities via pipeline to Al Maktoum International Airport about 60 kilometers away, is also expected to benefit from the five loan, Enoc said.
“Receiving a credit facility from leading lending institutions is an expression of confidence through our strong financial and business performance over the years,” Al-Falasi said.
Dubai’s Enoc secures $500 million loan to fund local expansion
Dubai’s Enoc secures $500 million loan to fund local expansion
