ENOCs Downstream Business Sees Steady Growth in 2016
The UAE's demand for gas, oil/ diesel and jet gas fuel has increased by 6% in 2016 compared with the previous year, contributing expanding gas sales across key industries such as air travel, roadway and transportation sectors.
ENOC's downstream businesses play a vital role in giving products of global standards and are essential for meeting Dubai's growing power needs and aspirational growth strategies. Such products include Jet Fuel, Liquefied Petroleum Gas (LPG), diesel, petrol, bitumen, fuel, oil and lubricating substances. ENOC is also expanding its portfolio to include alternate gases such as Compressed Natural Gas (CNG).
His Excellency Saif Humaid Al Falasi, Group Chief Executive Officer of ENOC, stated: "With the latter part of 2016 seeing oil costs steadying internationally, ENOC Group's energy business has actually seen considerable development, specifically for its diesel oil and aviation fuel products in both domestic and worldwide markets. We can meeting the needs of our critical customers in over 60 nations and we were able to attain 100 per cent of our targeted volumes, while surpassing our targeted quantities and bottom line profitability.
Furthermore, ENOC has actually established the biggest lube blending plant in the Middle East with a production capability of 250,000 MT/annum, which generates high quality lubricating substances to satisfy expanding consumer demand across local and global markets.
" The Middle East demand with diesel, gas and oil is additionally expected to regain growth this year owing to higher crude oil cost stimulating commercial tasks. Locally, even though the UAE experienced a decrease in its 2016 GDP by 2.3% due to lower customer costs and weak financial investment views, we performed well. Our expectations for 2017 is to execute far better as the GDP is anticipated to boost partially to 2.5% on the back of minor recovery in oil rates," added Al Falasi.
The Middle East need for fuel is expected to grow in 2017 because of enhanced financial tasks fuelled by both government and economic sector investments in infrastructure and innovation.
Looking forward, ENOC's primary focus will certainly be to boost efficiency of procedures through innovative and lasting methods. Al Falasi explained that the emphasis will continuously stay in identifying key development markets which will certainly supply lasting sources of value to the Group's operations, while likewise continuouslying reinforce local visibility to serve the ever-evolving energy demands of Dubai and the UAE.
Today ENOC's products are distributed in over 60 Markets in the center East, Indian Subcontinent, South & Central Asia and Africa, and ENOC has ambitious strategies to broaden to other markets across the GCC and MENA region
ENOC's product portfolio consists of jet fuel, liquefied petroleum gas (LPG), lubes, bulk gas, aeronautics, aquatic and alternate gas such as compressed natural gas (CNG).
