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Overview

Agricultural Bank of China contributes to a $500 million USD syndicated loan to Emirates National Oil Company for unspecified purposes (Linked to Record ID#103977, #103978, and #103979)

Commitments (Constant USD, 2023)$125,000,000
Commitment Year•2023Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 1, 2023

Geospatial footprint

Map overview

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The purpose of this project was for Agricultural Bank of China to contribute to a $500 million USD syndicated loan to Emirates National Oil Company for unspecified purposes. More detailed locational information can be found at: https://www.openstreetmap.org/node/4897722009

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Cofinancing agencies

State-owned Commercial Banks

  • Bank of China (BOC)
  • China Construction Bank Corporation (CCB)
  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • Emirates National Oil Company (ENOC)

Loan desecription

October 2023 $500 million USD syndicated loan to Emirates National Oil Company for unspecified purposes in the United Arab Emirates

Interest type•Unknown

Narrative

Full Description

Project narrative

In October 2023, a syndicate of four lenders — including the Agricultural Bank of China (ABC), the Bank of China (BOC), China Construction Bank Corporation (CCB), and the Dubai Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $500 million USD syndicated term loan credit facility agreement with Emirates National Oil Company (ENOC) — a downstream-focused Emirati firm wholly owned by Investment Corporation of Dubai (ICD) — for unspecified purposes. ICBC Dubai Branch served as the sole lead bank. Record ID#103976 captures ABC's contribution. Record ID#103977 captures BOC's contribution. Record ID#103978 captures CCB's contribution. Record ID#103979 captures ICBC's contribution.

Staff comments

1. Emirates National Oil Company (ENOC) is a downstream-focused firm owned by Investment Corporation of Dubai (ICD). It operates service stations, fuel terminals and oil tankers and operates in the Middle East, North Africa and Asia. ICD is a sovereign wealth fund of the Government of Dubai established in 2006, with a mandate to manage the Government of Dubai's portfolio of commercial companies and investments. 2. The Chinese project title is 酋国家石油公司中资银团贷款项目. 3. The individual contributions of the four lenders to this $500 million USD syndicated term loan are unknown. For the time being, AidData has estimated the contribution of the each bank by assuming each contributed an equal amount ($125,000,000 USD) to the loan syndicate. 4. In 2019, ABC, CCB, and ICBC entered into a $690 million USD syndicated loan agreement with ENOC for general corporate purposes with a five-year maturity; it is likely that this 2023 loan refinanced that 2019 loan, though AidData has yet to find a source corroborating that. This issue merits further investigation.