Middle East Economic Survey

VOL. L

No 8

19-Feb-2007

UAE

ENOC Secures $400Mn Syndicated Loan From Arab Bank

The Emirates National Oil Company (ENOC) has secured a $400mn syndicated loan, which has been managed by Arab Bank. Syndication of the short-term facility is limited to a handful of banks, and pricing was not revealed. The loan will be used for purchase of sweet condensate, MEES understands. ENOC said on 19 December 2006 that it was on track to complete the expansion of its Jebel ╩╣Ali...