Dubai’s Emirates National Oil Company announced it has secured US$690 million in funding from a Chinese bank consortium, Xinhua reported.

The funding came from a consortium comprising of the Industrial and Commercial Bank of China, the Agricultural Bank of China, and China Construction Bank, which will help ENOC finance its general corporate activities.

“With rapid changes in the evolving energy industry, there is a global shift towards alternative energy, innovation and digitization,” said Saif Al Falasi, the group chief executive of ENOC. “We are forerunners in the areas of innovation and technology in the regional energy market and are pleased to see international financial institutions trusting and endorsing our growth plans.”

The funding comes in line with the oil and gas giant’s efforts to contribute to the United Arab Emirates’s economic development through its exploration, production, supplies and other businesses.

In May 2019, ENOC revealed its Saudi Arabia expansion plans as part of the kingdom’s Vision 2030, which included opening of 124 services stations to meet the increasing fuel demand in the Gulf nation and creation of 500 jobs.

According to ENOC sources, the UAE consumes 12 billion litres of fuel per year serviced by 566 stations, or 60,000 litres a day per station, which is double the global national average of 35,000 litres a day.