Dubai Refiner ENOC Says Seeking $1.5bn Long-Term Loan

Dubai’s Emirates National Oil Company (ENOC) is seeking to arrange a $1.5 billion long-term loan for general business purposes, the company confirmed to Reuters on Monday.

The statement came after three sources with direct knowledge of the deal said the company was in talks with domestic and international lenders to raise a syndicated loan for that amount.

“ENOC intends to arrange a $1.5 billion long-term funding facility for general corporate purposes,” an ENOC spokeswoman said in a written statement.

“No investment decisions have been finalised for any specific projects. When we have finalised the funding, we will issue a statement accordingly.”