Emirates National Oil Company (ENOC) announced a record volume of sales of petroleum products of 245mn barrels, reflecting a five-year rolling average growth of nine per cent
ENOC announced a record volume of sales of petroleum products in 2016. The announcement was made during the Group’s board meeting, on 2 February, which included Dragon Oil, to finalise 2017 plans and budgets in alignment with the Group’s strategic direction.
As part of the five-year strategy, ENOC will focus its efforts and investments on fulfilling Dubai’s energy needs through the expansion of its refinery and service station network, building terminals storage capacity, and increasing its market share in the marketing of diesel, jet fuel and Liquefied Petroleum Gas.
Addressing the board, His Excellency Saeed Al Tayer, ENOC’s Vice Chairman, said, “As the UAE economy grows, the demand for energy is expected to grow gradually. Therefore, it is crucial that national oil companies focus on investing in projects that contribute to the UAE’s global energy leadership and commitment to green and sustainable growth while ensuring its energy security.”
His Excellency Saif Humaid Al Falasi, Group CEO of ENOC, added, “ENOC’s pioneering and entrepreneurial attitude is more important than ever to ensure Dubai’s energy needs are met at a time of significant change. Increasing demand coupled with a low oil price indicates the need for strategic responses centred on value-chain integration, ensuring capital discipline and maximising operational efficiency.
A key component of the Group’s strategic direction is to expand the retail network within Dubai to deliver an array of offerings including non-fuel and other supplementary services. This includes ongoing renovation of major service stations in Dubai and the construction of 54 new stations by 2020.
