The Emirates National Oil Company (ENOC) is set to receive a $500 million loan to expand its capacity, reports Arab News.
The funds will be used over the next five years to further develop the company’s expansion plans.
Saif Humain El Falasi, ENOC CEO, stated that “[o]ver the next five years, the group will focus on expanding capacities to support domestic energy demand in alignment with the Dubai Plan 2021 and in preparation for Expo 2020.”
The company plans to use a portion of the loan for its Project Falcon project. For the project, it will build a pipeline between the Jebel Ali storage facilities to the El Maktoum International Airport, a distance of approximately 60 kilometers.
ENOC also expects to increase the capacity of its refinery. The company projects that its expanded refinery will begin commercial production in late 2019. It will have a storage capacity of 450,000 cubic meters for petrol blends, naphtha, and jet fuel, according to Arab News.
“Receiving a credit facility from leading lending institutions is an expression of confidence through our strong financial and business performance over the years,” noted El Falasi.
The capital will come from seven international and regional lenders.