Emirates NBD and Noor Islamic Bank successfully close $500m syndicated Islamic facility for ENOC Supply and Trading LLC

Emirates NBD and Noor Islamic Bank PJSC acted as the Initial Mandated Lead Arrangers and Bookrunners.

The one year dual currency (AED and USD) facility, provided under a Shari'ah-compliant structure, will be used to fund ESTC's working capital requirements.

'The successful closure of this facility in a short time frame further demonstrates the confidence that regional and international financial institutions place in the ENOC Group, a global operator with brand recognition. Our vision is to be a leading regional integrated oil & gas group highly profitable and socially responsible towards employees, community and environment, We appreciate the support of the participating banks at a time when global markets are passing through a difficult phase'

said, Saeed Khoory, Group Chief Executive ENOC Group.

Mahdi Kazim, General Manager, Large Corporate Unit, Emirates NBD stated that, 'This is a landmark transaction for us. We are pleased to partner with ENOC that has successful strategic growth plans in place. It also reinforces our stature as a leading regional bank capable of structuring complex transactions and successfully syndicating large and prominent deals.'

Hussain Al Qemzi, CEO Noor Islamic Bank said: 'We are delighted to have jointly structured the syndicated Islamic facility for ESTC, which received a positive response from both regional and international financial institutions. We are very pleased to successfully close this important mandate from one of the leading players in the oil and gas sector. Our objective is to play an important role in the development of Islamic banking industry by bringing high quality, well-structured Shari'ah-compliant issues to the market. As one of the UAE's premier provider of such services, we are proud to provide our support to the ENOC Group.'

ESTC performs a key role for the ENOC Group overseeing the supply of feedstock for ENOC Group's Jebel Ali refinery, sourcing the supply of gasoline and diesel for retailing via the ENOC/EPPCO retail sites in Dubai and Northern Emirates, marketing the refinery products and procurement of jet fuel to meet a significant share of the Dubai International airport requirements.

Tayyeb Al Mulla, Chief Executive, International Refining & Marketing arm of ENOC Group, said 'rising oil prices have led to a significant increase in our working capital requirements. This facility will enable us to efficiently source petroleum feedstock and products to meet the local requirements and continue playing our role of 'energy supplier' to the Emirate of Dubai.

Rajan Khetarpal, Deputy General Manager & Head, Global Debt Capital Markets & Overseas Corporates, Emirates NBD said, 'We thank all arrangers for their trust and support, indicating the company's desire to maintain a prosperous and mutually beneficial relationship with them as ENOC continues its strategy of profitable expansion. The transaction reinforces our ability to structure Sharia-complaint issues and continue our march to dominate the regional Islamic syndication space. This is also the first time that we have partnered with Noor Islamic Bank and we look forward to a long and rewarding relationship with them.'

The ENOC Group (an ICD portfolio company) is effectively wholly owned by the Government of Dubai and handles a diverse business portfolio spanning the development and production of oil and gas, gas gathering and processing, production and selling of Methyl-Tertiary Butyl Ether (MTBE), marketing and retailing of petroleum products at service stations, oil trading, terminalling and storage, condensate processing (refinery), aviation fuel marketing, lubricants marketing, bunkering, and various oil-related shipping activities.