Narrative
Full Description
Project narrative
In June 2019, a three-bank syndicate — the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), and China Construction Bank (CCB) —signed a $690 million USD syndicated term loan agreement with Emirates National Oil Company (ENOC) — a downstream-focused Emirati firm wholly owned by Investment Corporation of Dubai (ICD) — for general corporate purposes. This loan carried a maturity period of five years. ICBC served as the facility agent, coordinating bank, and structured the transaction. Record ID#89666 captures ICBC's contribution. Record ID#92428 captures ABC's contribution and Record ID#92427 captures CCB's contribution.
Staff comments
1. The individual contributions of the three lenders to this $690 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 ($230,000,000 USD) to the loan syndicate. 2. 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. 3. In October 2023, ABC, BOC, ICBC, and China Construction Bank entered into a $500 million USD syndicated loan agreement with ENOC for unspecified purposes; 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.