Dubai's Enoc close to USD1.5b loan for expansion project| MENAFN.COM

Monday, 15 August 2022 03:26 GMT

Dubai's Enoc close to USD1.5b loan for expansion project

(MENAFN) Emirates National Oil Company (Enoc) hired a team to work on mergers and acquisitions (M&A) as the firm is set for an overseas expansion, Emirates 24\7 reported.

In order to fund this project, Dubai-based Enoc is close to agree on a USD1.5 billion long-term loan from a group of local and international banks.

"The company is very aggressive in its thinking so I would expect them to be doing some significant M&A activity in the near future," one banker said in a statement.

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