Initial mandated lead arrangers Emirates NBD and Noor Islamic Bank have closed a US$500mn syndicated Islamic facility for Enoc Supply and Trading (ESTC), a wholly-owned company of the Emirates National Oil Company.
The deal is a one-year dual currency (US dollars and Arab Emirates dirham) provided under a shari'ah compliant structure, and will used for working capital requirements.
Commenting on the deal, Hussain al Qemzi, CEO of Noor Islamic Bank, remarks: "We are delighted to have jointly structured the syndicated Islamic facility for ESTC, which received a positive response from both regional and international financial institutions. We are very pleased to successfully close this important mandate from one of the leading players in the oil and gas sector.”
Tayyeb Al Mulla, chief executive, international refining and marketing arm of Enoc group, adds: “Rising oil prices have led to a significant increase in our working capital requirements. This facility will enable us to efficiently source petroleum feedstock and products to meet the local requirements and continue playing our role of 'energy supplier' to the Emirate of Dubai.”
ESTC oversees the supply of feedstock for Enoc group’s Jebel Ali refinery, sourcing the supply of gasoline and diesel for retailing in Dubai and Northern Emirates, marketing the refinery products and procurement of jet fuel to meet a significant share of the Dubai International airport requirements.
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