Dubai Shipping Company receives $63 million loan from Mashreqbank
The Dubai Shipping Company (DSC), a wholly owned subsidiary of Emirates National Oil Company Limited (ENOC) recently signed a $63 million medium term loan facility arrangement with Mashreqbank, to provide funds for its expanding operations, stated a press release.
"The loan will be used to re-finance existing facilities and part-finance further vessel acquisitions," said ENOC Group Chief Executive and Board Member, Hussain Sultan,
Established in April 1993, ENOC develops downstream and upstream activities in the Emirati oil and gas sector, through its four subsidiaries. DSC owns and operates a $150 million fleet of oil and chemical tankers and bunker vessels and provides technical and commercial ship management services.
ENOC signed a three-year, $50 million, medium-term loan agreement with Bahrain-headquartered Gulf International Bank (GIB) earlier this month, offering it more short and long-term investment options. — (menareport.com)
© 2002 Mena Report (www.menareport.com)