Arab News, Saturday, Sep 4, 2021 | Muharram 27, 1443
ADNOC secures $1.2bn credit facility with banks
Emirates:
Abu Dhabi National Oil Company
(ADNOC) said on Thursday its trading arm has closed a $1.2 billion credit
facility with a group of seven local and international banks.
The loan will be used to finance ADNOC Global
Trading's trade flows and growth, the company said in a post on LinkedIn.
The banks involved in the deal are Standard
Chartered, HSBC, Abu Dhabi Commercial Bank, Deutsche Bank, Societe Generale,
SMBC and UniCredit Bank.
"The oversubscription of the latest credit
facility demonstrates the trust in AGT and its strong shareholding structure,"
the state-owned oil company said, without disclosing by how much the deal was
oversubscribed.
Martijn Rutters, chief financial officer at ADNOC
Global Trading, said on LinkedIn the deal was oversubscribed two times as a
result of strong interest from banks.
ADNOC Global Trading is a joint venture between
ADNOC, which holds 65%, Italy's Eni with a 20 percent share and Austria's OMV
with a 15 percent stake.
It went live in 2020 to trade refined products and
supply feedstocks. It is "active in the products and paper markets for third
party barrels as well as derivatives," according to ADNOC's website.
"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," Rutters said.