Dubai: Emirates National Oil Company (Enoc) said on Monday it has secured a five-year $690 million 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.

“With rapid changes in the evolving energy industry, there is a global shift towards alternative energy, innovation, and digitisation. We are forerunners in the areas of innovation and technology in the regional energy market and are pleased to see international financial institutions trusting and endorsing our growth plans and financial outlook,” said Saif Humaid Al Falasi’s, chief executive officer of Enoc Group.

ICBC is the facility agent for the deal and has structured the transaction.