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Enoc secures USD690mn loan from Chinese banks

Emirates National Oil Company (Enoc) said on Monday it has secured a five-year USD690mn loan from a Chinese consortium of banks that will allow it to finance its growth plans. The consortium consists of Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, and China Construction Bank — China’s top three banks in terms of size, assets, and profits. Enoc said the loan will finance corporate purposes as it continues to grow through its divisions in exploration and production, supply and operations, terminals, fuel retail, aviation fuel, and petroleum products.