Abu Dhabi-Mubasher: United Arab Bank (UAB) announced closing of a $120 million credit facility for Aegean Oil Terminal Corporation, a subsidiary of NYSE-listed Aegean Marine Petroleum Network, according to the bank’s statement.
The facility marks the first syndicate lead for UAB as it seeks to pursue further syndicate lead roles in the region, added the statement.
The initial syndicate members were Abu Dhabi Commercial Bank, Commercial Bank of Dubai, National Bank of Oman, in addition to UAB.
The new facility will enable Aegean to refinance an existing credit facility, with the balance to be used to pursue Aegean’s strategy of selling blended products to achieve greater profitability.
Samer Tamimi, Acting CEO at UAB, said that “We are committed to the UAE market where we see promising opportunities to lead syndications on behalf of our clients in the country and across the region.”
Aegean will now be able to refinance its oil terminal facilities in Fujairah, noted Julio de Quesada, chief business officer at UAB.
