Abu Dhabi: Emirates National Oil Company (ENOC) Group, which is fully owned by the government of Dubai is exploring investment opportunities in Egypt to expand its operations in the region.
In a statement on Monday, Saif Humaid Al Falasi, Group CEO, ENOC said hydrocarbon production represents six per cent of Egypt’s GDP and the country is planning to significantly invest in petrochemicals sector over the next five years.
“Investing in Egypt’s market, the third largest in Africa, complements our business strategy to go beyond the UAE and our commitment to industry-leading performance.”
Enoc Group has diverse business segments of exploration and production, supply trading and processing, terminals, fuel retail, aviation and products. Along with core fuel business, the Group also operates a portfolio of over 377 non-fuel service outlets across the region.
Currently, ENOC operates in Egypt through its subsidiary, Dragon Oil which owns the East Zeit Bay offshore concession, located in the south of the Gulf of Suez.
The concession covers an area of 93 square kilometres and lies in shallow waters ranging in depth from 10 to 40 meters.