ADNOC expected to sign this week US$6b loan with 13 banks: sources

Dubai

ABU Dhabi National Oil Co (ADNOC), the United Arab Emirates (UAE) oil giant, is expected to sign by the end of this week a US$6 billion loan which has received commitments from a group of 13 banks, sources close to the situation said on Sunday.

ADNOC, which manages almost all of the proven oil reserves in the UAE, is raising the financing as part of an overhaul of its capital structure which involves, among other things, additional debt-raising exercises and the initial public offering of minority stakes in some of its units.