Dubai refiner ENOC hires M&A team, close to $1.5bn loan

DUBAI: Dubai's Emirates National Oil Company (ENOC) has hired a five-person team to work on mergers and acquisitions for the company as it seeks to expand beyond its home emirate, banking sources told Reuters on Sunday.

The state-owned company could use some of the proceeds from a $1.5 billion long-term loan, which it is close to agreeing with a group of seven local and international banks, to help fund this, the sources said.

ENOC, a downstream-focused firm owned by sovereign fund Investment Corporation of Dubai, operates service stations, fuel terminals and oil tankers in the Gulf. It did not immediately respond to a request for comment.