Wednesday 20, April 2016

Dubai – MENA Herald: Emirates National Oil Company (ENOC) has recently been awarded the ‘Deal of Year’ honour in the Corporate Finance category by Islamic Finance News in Dubai and ‘2015 Best Syndicated Loan in the Middle East’ honour by the EMEA Finance Awards.

ENOC was recognised for the successful financial closure of USD 1.5 billion nine-year dual currency syndicated debt transaction it secured in mid-2015. The facility was in two tranches, conventional and Islamic, and was fully underwritten by a consortium of financial institutions that included Dubai Islamic Bank, Abu Dhabi Islamic Bank, Noor Bank, Mashreq Bank, Emirates NBD, Commercial Bank of Dubai and Standard Chartered.

“Through expansions into the upstream sector, the development of our marketing business among numerous other milestones, 2015 was a remarkable year for ENOC,” said Petri Pentti, Chief Financial Officer, ENOC. “As Dubai evolves into a hub for aviation, retail, hospitality, real estate, financial services and other sectors, the demand for energy has also increased tremendously. In order to realise the Emirate’s vision, ENOC is developing its capabilities across the energy value chain, and deals like our 2015 loan facility are crucial for reaching these goals.”

The Islamic tranche, based on commodity Murabahah, is in line with the efforts led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to promote Dubai and the UAE as leaders in the Islamic economy.

“The deregulation of the fuel prices by the government of the United Arab Emirates in August 2015 enabled us to move forward with our expansion plans,” explained Pentti. “From a financial perspective, this visionary move by the government has made entities like ENOC more agile and therefore better positioned for future growth.”

The Islamic Finance News Awards honour the best in the Islamic financial industry and are recognised as one of the most prestigious awards by Islamic capital markets worldwide. In Q4 last year, this deal won the Syndicated Loan Deal of the Year Award by a Debt Borrower at the Bonds, Loans & Sukuk Middle East 2015 Awards.