Emirates National Oil Company (ENOC) has secured a loan of around $690 million from a consortium of Chinese banks, the company said in a statement.

“With rapid changes in the evolving energy industry, there is a global shift towards alternative energy, innovation and digitization. We are forerunners in the areas of innovation and technology in the regional energy market and are pleased to see international financial institutions trusting and endorsing our growth plans and financial outlook,” said Saif Al Falasi, ENOC CEO.

ENOC will use the loan to enrich the local economy with its activities in exploration and production (E&P), supply and operations, terminals, fuel retail, aviation fuel, and petroleum products for commercial and industrial use.

The consortium consists of the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), and China Construction Bank (CCB), China’s top three banks in terms of size, assets, and profits. ICBC is the coordinating bank, as revealed by ENOC.

“We would like to thank ENOC for trusting us to lead this financing. This transaction also highlights our confidence in ENOC’s long term growth as well as our continued commitment to supporting the local economy,” Zhang Junguo, General Manager of ICBC Dubai (DIFC) Branch commented.

The consortium has provided the 5-year loan term to ENOC due to its financial and operational stability.