ENOC Group Achieves Record Sales Volume in 2016
Emirates National Oil Company (ENOC) announced a document volume of sales of oil products of 245 million barrels, showing a 5-year moving typical growth of 9 percent, despite the difficult macroeconomic situation.
The announcement was made during the Group's board conference, which took place on February Second, 2017, to talk about 2016 performance, including Dragon Oil, and settle 2017 strategies and budget plans abreast with the Group's strategic direction.
As part of the five-year strategy, ENOC will certainly focus its efforts and financial investments on meeting Dubai's power needs via the expansion of its refinery and gas station network, developing terminals storage space ability, and boosting its market share in the marketing of diesel, jet gas and Liquefied Petroleum Gas (LPG).
Attending to the board, His Excellency Saeed Al Tayer, ENOC's Vice Chairman, stated: "As the UAE economic situation grows, the need for energy is anticipated to grow progressively. For that reason, it is critical that national oil business concentrate on buying tasks that contribute to the UAE's global power management and commitment to green and lasting growth while ensuring its power protection."
His Excellency Saif Humaid Al Falasi, Group Chief Executive Officer of ENOC, included: "ENOC's pioneering and business mindset is more important than ever to ensure Dubai's power demands are met each time of significant adjustment. Raising demand coupled with a low oil price indicates the need for calculated actions centred on value-chain assimilation, making sure funding discipline and increasing functional efficiency.
While we delight in strong money liquidity and a healthy resources framework, we will certainly continue to concentrate on diversifying our earnings streams by buying procedures that are well positioned to produce lasting growth. We plan to attain this through an integrated development version which makes use of synergies between our upstream and downstream business segments."
With the addition of Dragon Oil, as an upstream sector to its procedures, ENOC now has strong competencies throughout the entire energy value chain providing an upstream asset for the emirate of Dubai, underscoring its qualifications in bolstering the country's energy security.
Over the next five years, the Group will focus on increasing capabilities to support domestic energy need in alignment with Dubai Plan 2021 and in preparation for EXPO 2020. This includes a 50% ability rise of ENOC's Jebel Ali refinery to reach 210,000 barrels per day, along with the construction of Project Falcon's 19km jet gas pipeline extension to Al Maktoum Airport terminal by end of 2018.
A key element of the Group's strategic direction is to broaden the retail network within Dubai to supply a selection of offerings consisting of non-fuel and other auxiliary services. This includes recurring restoration of major gas station in Dubai and the construction of 54 new stations by 2020.
