ICBC grants $230 million loan to UAE energy giant

DUBAI - Emirates National Oil Company (ENOC) said Tuesday it received a green light for a five-year unsecured loan worth $230 million from China's Industrial and Commercial Banking Corporation (ICBC), for the expansion of its business.

The ENOC said in a statement the loan was secured from the bank's branch located at the Dubai International Financial Center (DIFC) in the United Arab Emirates (UAE).

"The trust placed by ICBC in us is a big testament of our robust business and financial performance," said Petri Pentti, Chief Financial Officer at ENOC Group.

ICBC is the biggest bank in the world in relation to assets and market capitalization.

Pentti added that the ENOC has a long-term strategy in place, "which is not greatly impacted by the change in the economic climate of the region."

The loan will help ENOC fund its new projects and support the company's expansion strategy and business operations in light of the challenges faced by the international oil and gas market.