Dubai’s Emirates National Oil Company (Enoc) has secured a $1.5bn term debt syndicated facility from local, regional and international banks.

The loan is for general corporate purposes, according to a press release.

The competitive, flexible terms will support Enoc’s expansion strategy and access to debt markets in the long term.

The syndicated debt is in US dollars and Emirati dirhams and has a nine-year term. It is a mixture of conventional and Islamic financing.

The debt is fully underwritten by the local Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, Mashreq, Noor Bank and Abu Dhabi Islamic Bank, and London-based Standard Chartered. Another 14 local and regional banks participated in the oversubscribed syndication.

London-based Clifford Chance advised Enoc on the deal.

Enoc closed on the loan the day after the board of the local Dragon Oil accepted a takeover offer. Enoc plans to buy the remaining shares in the company for $1.7bn.

However, the largest minority shareholder, Edinburgh-based Baillie Gifford, says the $4.2bn offer “materially undervalues [Dragon Oil]’s strong growth potential.” Baillie Gifford owns 7.2 per cent of Dragon oil shares on behalf of its clients.

Enoc already owns 53.9 per cent of listed Dragon Oil shares. It hopes to acquire remaining shares at £7.5 a share.

Dragon Oil reported 2014 profits of $579m, thanks to its full ownership of a production-sharing agreement (PSA) for oil and gas resources in the Cheleken area of the Caspian Sea, in offshore Turkmenistan.

Its average daily production there was 94,450 barrels a day of oil in May 2015.

Enoc had turnover of about $20.9bn in 2014. The oil and gas company is owned by the Investment Corporation of Dubai, which is wholly owned by the Dubai government.