ADNOC’s commercial arm borrows $1.2 billion from 7 banks

ADNOC’s commercial arm borrows $1.2 billion from 7 banks
ADNOC’s commercial arm borrows $1.2 billion from 7 banks

company said Abu Dhabi National Oil “ADNOC”, Today, Thursday, its commercial arm completed a $1.2 billion credit facility with a group of 7 local and international banks.

ADNOC said in a post on (LinkedIn) that the loan will be used to finance ADNOC’s trade flows for global trade and its growth.

ADNOC said the banks involved in the deal were Standard Chartered, HSBC, Abu Dhabi Commercial Bank, Deutsche Bank, Societe Generale, SMBC and Unicredit.

The government-owned oil company said that the oversubscription of oversupply requests in the latest credit facility shows confidence in ADNOC World Trade, and its strong shareholding structure, without revealing the volume of subscription requests in the process.

ADNOC Global Trading’s chief financial officer, Martin Ratters, said on “LinkedIn”, that the volume of subscription requests in the operation was more than twice as a result of the strong interest from banks.

ADNOC World Trade is a joint venture between ADNOC, which owns 65%, Italy’s Eni, which holds a 20% stake, and Austria’s OMV, which holds a 15% stake.

It was launched in 2020 to trade in refined products and supply feedstock.

According to ADNOC’s website, it “actively trades refined products and petroleum derivatives, and trades third-party oil contracts.”

“As we continue to expand our activities into new markets and open new offices in Asia, Europe and the United States, we have the right systems, people and credit facilities to deliver an ambitious business plan,” said Ratters.

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