The Abu Dhabi Exports Office (ADEX) and a group of UAE lenders led by First Abu Dhabi Bank (FAB) have more than doubled a financing arrangement for global energy trader BGN.

The oversubscribed financing facility, originally set at $100 million, has now been expanded to $232.5 million, ADEX confirmed on Wednesday.

The syndicate of banks also includes Abu Dhabi Commercial Bank, National Bank of Fujairah, the Commercial Bank of Dubai, Mashreqbank, Arab Bank, National Bank of Ras Al Khaimah, Emirates NBD and Ajman Bank.

The financing facility is a revolving credit line that is expected to support BGN in procuring energy commodities for export from the UAE, the company said earlier.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com