Overview

ICBC provides a $230 million USD loan to Emirates National Oil Company to support its expansion strategy and new projects

Commitments (Constant USD, 2023)$250,865,962

Commitment Year•2016Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesOverseas Jurisdiction•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 1, 2016

Last repayment (originally scheduled): May 31, 2021

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The project provided a loan to ENOC, whose HQ are located in Dubai, UAE. The address of ENOC HQ is 68M6+C69 - ENOC Retail, ENOC House III - Dubai - United Arab Emirates. More detailed locational information can be found at: https://www.openstreetmap.org/node/4837314326

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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

Emirates National Oil Company (ENOC)

Loan description

ICBC provides a $230 million USD loan to Emirates National Oil Company to support its expansion strategy and new projects

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In June 2016, the Dubai Branch of the Industrial and Commercial Bank of China (ICBC) issued a $230 million USD loan to Emirates National Oil Company (ENOC) — a downstream-focused Emirati firm wholly owned by Investment Corporation of Dubai (ICD) — to support its expansion strategy and new projects. The loan carried a maturity period of five years, was unsecured, and was reportedly arranged on ‘competitive and flexible terms’. The loan was intended to help ENOC fund its new projects and support its expansion strategy and operations amidst challenges in the international oil and gas market. The loan was reportedly arranged on ‘competitive and flexible terms’.

Staff comments

1. Emirates National Oil Company (ENOC) is a downstream-focused firm owned by Investment Corporation of Dubai. It operates service stations, fuel terminals and oil tankers and operates in the Middle East, North Africa and Asia. Investment Corporation of Dubai 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.