Abu Dhabi National Oil Company’s (Adnoc’s) global trading arm has inked an oversubscribed US$1.2bn credit facility with a group of seven banks, as it eyes expansion into new markets.

As part of the agreement, Adnoc Global Trading (AGT) has secured funding from Standard Chartered, HSBC, Abu Dhabi Commercial Bank, Deutsche Bank, Société Générale, SMBC and UniCredit.

The financing will be used to support the company’s trade flows and business activity growth, according to a statement by Adnoc.

A spokesperson for the state oil firm couldn’t immediately be reached for comment about the initial size of the agreement, and to what extent the deal was oversubscribed.

“The launch of this facility demonstrates the continued trust in our company as we ramp up trading activities. Strong interest from the banking sector meant the facility was oversubscribed two times,” notes Martijn Rutters, CFO at Adnoc AGT, in a statement.

Established last year by Adnoc as a joint venture with Italian energy company Eni and Austrian oil and gas company OMV, AGT focuses on the trade of refined products and supply of feedstock.

Adnoc holds a 65% majority stake in the UAE-headquartered firm, while Eni and OMV own 20% and 15% respectively.

On the back of the latest financing agreement, Rutters says that the plan is to grow the company’s international presence.

“As we continue to expand our operations into new markets, opening new offices in Asia, Europe, and the US, we have the right systems, people, and credit facilities in place to deliver an ambitious business plan,” he says.