UAE’s Adnoc Drilling Intends to Borrow $1 Billion in Growth Push

Adnoc Drilling Co. plans to tap banks for about $1 billion in financing this year so the unit of the United Arab Emirates’ biggest oil producer can roll over expiring borrowings, and fund investment and dividends, Chief Financial Officer Youssef Salem said.

“We expect to be refinancing and up-sizing to fund our growth,” Salem said in an interview with Bloomberg Television. The company has roughly $750 million in debt maturing in the fourth quarter, he said later during a press briefing.