Emirates NBD and Noor arrange $500m Islamic loan for Enoc unit

Dubai: Enoc Supply and Trading (ESTC), a wholly-owned company of Emirates National Oil Company (Enoc) announced that it has successfully closed a $500 million (Dh1.84 billion) syndicated Islamic facility.

Emirates NBD and Noor Islamic Bank acted as the initial mandated lead arrangers and bookrunners.

The one-year dual currency (dirham and dollar) facility, provided under a Sharia-compliant structure, will be used to fund ESTC's working capital requirements.

"The successful closure of this facility in a short time frame further demonstrates the confidence that regional and international financial institutions place in the Enoc Group, a global operator with brand recognition. We appreciate the support of the participating banks at a time when global markets are passing through a difficult phase," said Saeed Khoury, Enoc group chief executive.

ESTC performs a key role for the Enoc group overseeing the supply of feedstock for Enoc Group's Jebel Ali refinery, sourcing the supply of gasoline and diesel for retailing via the Enoc/Eppco retail sites in Dubai and Northern Emirates, marketing the refinery products and procurement of jet fuel to meet a significant share of the Dubai International airport requirements.

"This is a landmark transaction for us. We are pleased to partner with Enoc that has successful strategic growth plans in place. It also reinforces our stature as a leading regional bank capable of structuring complex transactions and successfully syndicating large and prominent deals," said Mahdi Kazim, general manager, large corporate unit, Emirates NBD.

The Enoc Group handles a diverse business portfolio spanning the development and production of oil and gas, gas gathering and processing, production and selling of Methyl-Tertiary Butyl Ether.