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.
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