Abu Dhabi National Oil Company (ADNOC) said on Thursday that its trading arm has completed a $ 1.2 billion line of credit with a group of 7 local and international banks.
ADNOC stated 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 are Standard Chartered, HSBC, Abu Dhabi Commercial Bank, Deutsche Bank, Societe Generale, SMBC and Unicredit.
Government-owned oil company said oversubscribing requests for oversupply in last line of credit shows confidence in ADNOC World Trade and its strong equity structure, without disclosing the volume of subscription requests in the process.
ADNOC Global Trade CFO Martin Ratters told “LinkedIn”.
ADNOC World Trade is a joint venture venture between ADNOC, which holds 65%, the Italian Eni, which holds 20%, and the Austrian OMV, which holds 15%.
It was launched in 2020 for the trade of refined products and the supply of raw materials prime.
According to the site web of ADNOC, “actively trades refined petroleum products and derivatives and negotiates third party petroleum contracts.”
“As we continue to expand our businesses in new markets and to open new offices in Asia, Europe and the United States, we have the right systems, people and credit structures to deliver an ambitious business plan, ”Ratters said.
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