Chinese Banks Extend Loan to Enoc

摘要

China’s three largest banks have agreed to extend a $690 million, five-year term loan to Emirates National Oil Corp. (Enoc), whose upstream arm, Dragon Oil, is focused on assets in Asia and North Africa. Dubai-based Enoc said the funds will be used for general corporate purposes such as exploration and production, supply and operations, terminals, retail fuel, jet fuel, and petroleum products for commercial and industrial use. The consortium of banks includes the Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank, Enoc said.