ENOC Board of Directors Focus on Strengthening International Operations

Environment

ENOC Board of Directors Focus on Strengthening International Operations

Highlighting the commitment of the Board of Directors to support international operations, HE Saeed Mohammad Al Tayer, Vice Chairman of ENOC Group of Companies; Saif Al Falasi, Group CEO of ENOC; and Tayyeb Al Mulla, Managing Director of ENOC Supply Trading & Processing (STP) visited Singapore to evaluate business growth and expand the companys footprint.

A detailed presentation was made to Al Tayer and the delegation on the companys presence in Singapore. The delegation also visited the Horizon Terminal at Jurong Island, majority owned by ENOC and managed by the ENOC team.

HE Al Tayer said: I am impressed with the performance and the professionalism of our team members. It is crucial that we remain focused on teamwork and continued growth, which are key ingredients for assured success. We will continue to explore opportunities to strengthen our international footprint that will contribute to creating long-term value.

Singapore is a key market for ENOC, where it currently owns ENOC Singapore, as part of its STP business, and Horizon Singapore Terminals Private Limited. ENOC Singapore was founded in the year 2000 as the first international trading office of ENOC Group of Companies. It was also the first Middle East national oil company to set up a full-fledged trading operation in the country.

ENOC Singapore was established as a trading window for ENOC and it has been the most successful international office. Along with Horizon Singapore Terminals Limited, the operations have consistently delivered great results for the company. Both offices have a competent and capable team and are significant contributors to ENOCs bottom line. Through the visit, the Board gained a strong perspective on how the businesses have become successful and to benchmark best practices for future expansion plans, said Al Falasi.

On STPs business in Singapore, Al Mulla said: The STP team in Singapore places a strong focus on business development and growth to support the companys international expansion strategy. Since its inception, ENOC Singapore has grown from strength to strength and has made rapid strides and achieved recognition as a Global Trader under the Global Trader Programme (GTP) from the International Enterprise Singapore. We have also been ranked as one of the top Singapore 1000 company for the last five years.

Horizon Singapore Terminals Private Limited is an integral component of ENOCs international footprint. The strategic location of the terminal, on the south-western quadrant of Singapore provides smooth marine traffic movements for tankers that call at the terminal, ranging from Very Large Crude Carriers (VLCC) to small bunker barges. The terminal caters to the storage, handling and blending requirements of National Oil Companies, Oil Majors, Traders and Bunkering companies, and is designed for multi-berth discharge and loading operations to maximise throughput capacity for its clients.

Yusr Sultan, Managing Director of Horizon Terminals Limited, said: Singapore is a key market for ENOC, underpinned by the work of our teams in the region, who have delivered consistent positive results throughout the years. Having the Board of Directors supporting their work will encourage us to develop our operations further and continue contributing to the overall success of the Group.

Despite operating under a difficult macroeconomic situation and in a competitive market, ENOC has recorded significant and consistent growth that has doubled the companys revenue to more than US$20 billion over the past five years.