UAE oil giant in talks with banks to obtain huge syndicated loan of $5bn
Dubai — Abu Dhabi oil giant Adnoc is in talks to obtain a syndicated loan worth up to $5bn, the latest sign that the region’s giant oil companies are increasingly turning to the debt markets to fund expansion. Two banking sources said on Monday that company’s talks with regional and international banks are focusing on a loan that may total billions of US dollars. A third said it was expected to be in a range of $4bn to $5bn. The loan facility, which would have various maturities of up to five years, is one of a number of fund-raising options being considered by the company, formally called the Abu Dhabi National Oil. It is also discussing the possibility of issuing a project bond that could be as large as $3bn, bankers said, declining to be named because of commercial sensitivities. An Adnoc spokesperson told Reuters: "As announced on July 10, Adnoc is expanding its partnership model and creating new partnership and co-investment opportunities across all areas of its value chain. "A...
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