Emirates National Oil Company (Enoc) has received a US$500 million, three-year credit facility from seven international and regional banks to help expand its local operations, the Dubai-based national energy company said on Wednesday.
"Over the next five years, the group will focus on expanding capacities to support domestic energy demand in alignment with Dubai Plan 2021 and in preparation for Expo 2020," said Saif Al Falasi, the Enoc chief executive.
This includes a 50 per cent capacity increase at the company’s Jebel Ali refinery to reach 210,000 barrels per day (bpd) from its current 140,000 bpd. The project, expected to be completed by the end of 2019, will cost more than US$1 billion.
The other project to benefit from this credit facility will be Project Falcon's 16-kilometre jet fuel pipeline extension to Al Maktoum International Airport. After completion, the pipeline will be able to meet 60 per cent of the jet fuel needs for Al Maktoum and Dubai International airports.
The revolving credit facility, which typically has a higher interest rate than standard loans, will be funded by Emirates NBD, ABN Amro, DBS Bank, Gulf International Bank, Citi, Standard Chartered and BBK. Although the loan terms were not disclosed, this type of facility allows Enoc to pay a commitment fee to use funds when needed.
Mr Al Falasi added: “Despite the challenging macroeconomic situation, we have achieved record sales reflecting a five-year rolling average growth of 11 per cent. Receiving a credit facility from leading lending institutions is an expression of confidence through our strong financial and business performance over the years.”
While Enoc’s five-year strategy looks to enhance its downstream and local market offerings, the long-term vision will flip into the upstream sector. Earlier this year, the hydrocarbon company created an exploration and production unit to help expand its overseas upstream assets.
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There are a number of speciality art bookshops in the UAE.
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”