Dubai: Dubai state-owned energy firm Emirates National Oil Company (Enoc) will focus the core of its business on its home market over the next five years, it said on Monday.
Enoc will “focus its effort and investments on fulfilling Dubai’s energy needs” with the expansion of its refinery and service stations networks and build more terminal storage capacity in the five years to 2021, according to an emailed statement. It would also increase its market share in marketing diesel, jet flue and liquefied petroleum gas (LPG), as per the company’s statement.
This includes already announced plans to construct a 19 kilometre jet fuel pipeline to Al Maktoum International Airport at Dubai World Central (DWC) by 2018 and expand capacity at its Jebel Ali refinery by 50 per cent to 210,000 barrels a day by 2020.
“Meeting the energy needs of Dubai is the primary objective of the Group,” Enoc vice chairman Saeed Al Tayer said in the statement.
Enoc said a “key component” of its five-year strategy would be to expand its retail network within Dubai, including in the in the non-fuel and supplementary services.
The second key area of focus will be on international business development that it said would primarily follow an integrated structure as “ONE ENOC.”
Enoc said “pilot projects will be developed and tested to provide a cohesive business model for implementation across target markets.” It did not provide further details.
In 2015, Enoc sold 220 million barrels of crude oil and petroleum products, a record high and an increase of 16 per cent on the previous year, it said.
