DUBAI: 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.

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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.