DUBAI: The Abu Dhabi National Oil Company (Adnoc) has said its trading arm has closed a $1.2 billion credit facility with a group of seven local and international banks, Arab News reported.

The loan will be used to finance Adnoc Global Trading’s flows and growth, the company 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.

“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 per cent, Italy’s Eni with a 20 per cent share and Austria’s OMV with a 15 per cent stake.

It went live in 2020 to trade refined products and supply feed stocks. 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 [the] 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.