China's Industrial and Commercial Banking Corporation (ICBC) has given Emirates National Oil Company (ENOC) a total of $230 million as an unsecured loan that is payable in a span of five years.

The Xinhua News Agency, which is the official press agency of the People's Republic of China, said in their report that ENOC was able to secure the loan from the bank's branch located at the Dubai International Financial Center (DIFC). The branch is in the United Arab Emirates.

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The Chief Financial Officer of ENOC, Petri Pentti, also released a statement regarding the matter. Pentti said that the trust placed by ICBC in their company is "a big testament of our robust business and financial performance."

Pentti pointed out that ENOC has a long-term strategy in order to pay the loan. He also assured that their strategy is not impacted by the change in the economic climate of the region due to the problems being faced by the country now in terms of economic standing.

He added, "We are confident of our growth plans and will continue to move ahead with our expansion plans across Supply Trading & Processing, Retail, Marketing, Terminals and Exploration and Production businesses."

The loan will be helping ENOC fund their new projects in the future. The loan will also be used for the company's expansion strategy regarding business operations since the country has been facing challenges both internationally and nationally when it comes to the oil and gas market.

ENOC is the Dubai Government owned diversified energy group. It is also a downstream-focused firm owned by sovereign fund Investment Corporation of Dubai. They operate their service stations, fuel terminals and oil tankers. They have branches in the Middle East, North Africa and Asia.

ICBC, on the other hand, is the biggest bank in the world when it comes to assets and market capitalization. 

TagsEmirates National Oil Company, Industrial and Commercial Banking Corporation, china, UAE, loan, $230M loan, gas and oil industry, Dubai International Financial Center