Trading arm of UAE's ADNOC secures $1.2 billion credit facility

DUBAI, Sept 2 (Reuters) - Abu Dhabi National Oil Company
(ADNOC) said on Thursday its trading arm has closed a $1.2
billion credit facility with a group of seven local and
international banks.

The loan will be used to finance ADNOC Global Trading's
trade flows and growth, ADNOC said in a post on LinkedIn.

The banks involved in the deal are Standard Chartered
, HSBC, Abu Dhabi Commercial Bank,
Deutsche Bank, Societe Generale, SMBC
and UniCredit Bank, ADNOC said.

"The oversubscription of the latest credit facility
demonstrates the trust in AGT and its strong shareholding
structure," the state-owned oil company said, without disclosing
by how much the deal was oversubscribed.

Martijn Rutters, chief financial officer at ADNOC Global
Trading, said on LinkedIn the deal was oversubscribed two times
as a result of strong interest from banks.

ADNOC Global Trading is a joint venture between ADNOC, which
holds 65%, Italy's Eni with a 20% share and Austria's
OMV with a 15% stake.

It went live in 2020 to trade refined products and supply
feedstocks. It is "active in the products and paper markets for
third party barrels as well as derivatives," according to
ADNOC's website.

"As we continue to expand our operations into new markets,
opening new offices in Asia, Europe, and the US, we have the
right systems, people, and credit facilities in place to deliver
an ambitious business plan," Rutters said.

(Reporting by Yousef Saba; Editing by Mike Harrison)