Dubai Government-owned Emirates National Oil Company (ENOC) has unveiled a new five-year growth strategy aimed at serving the country’s growing energy needs.
The objective of the strategy 2016-2021 is also to develop an integrated upstream and downstream energy value chain in a bid to drive growth in the future.
ENOC vice chairman Saeed Al Tayer said: “Over the past decade, primary energy consumption in the Arabian Gulf has grown more than twice as fast as the world average of 2.5% per year.”
As part of the strategy, ENOC’s focus will be on fulfilling energy needs of Dubai through the expansion of its refinery and service station network, and building terminals storage capacity.
The company also plans to increase its market share in the marketing of diesel, jet fuel and liquefied petroleum gas (LPG).
ENOC group CEO Saif Humaid Al Falasi said: “Our integrated development model, ‘ONE ENOC’, will strengthen our operations and global footprint by drawing on synergies between our upstream and downstream business segments.”
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By GlobalData“Additionally, ‘ONE ENOC’ will serve as a platform for the Group to develop capabilities to compete locally and internationally and strengthen the collaborative spirit amongst our employees to enable them to drive our growth aspirations in an integrated fashion.”
The company plans to expand capacities to support domestic energy demand in alignment with Dubai Plan 2021.
ENOC’s Jebel Ali refinery capacity is planned to be increased by 50% to reach 210,000 barrels per day.
The group’s sales volume of crude oil and petroleum products last year reached surpassed 220 million barrels, reflecting a 16% rise over the previous year.
