Emirates National Oil Company says it sold 245m barrels of products; eyes major retail expansion plan
Emirates National Oil Company (ENOC) has announced a record volume of sales of petroleum products of 245 million barrels, reflecting a five-year rolling average growth of 9 percent.
The announcement was made during a board meeting to discuss 2016 performance and finalise 2017 plans and budgets.
As part of the five-year strategy, ENOC said in a statement that it will focus on the expansion of its refinery and service station network, building terminals storage capacity, and increasing its market share in the marketing of diesel, jet fuel and Liquefied Petroleum Gas (LPG).
Saeed Al Tayer, ENOC’s vice chairman, said: “As the UAE economy grows, the demand for energy is expected to grow gradually. Therefore, it is crucial that national oil companies focus on investing in projects that contribute to the UAE’s global energy leadership and commitment to green and sustainable growth while ensuring its energy security.”
Saif Humaid Al Falasi, Group CEO of ENOC, added: “Increasing demand coupled with a low oil price indicates the need for strategic responses centred on value-chain integration, ensuring capital discipline and maximising operational efficiency.
"While we enjoy strong cash liquidity and a healthy capital structure, we will continue to focus on diversifying our revenue streams by investing in operations that are well positioned to generate sustainable growth. We intend to achieve this through an integrated development model which draws on synergies between our upstream and downstream business segments.”
Over the next five years, the company said it will focus on expanding capacities to support domestic energy demand in alignment with Dubai Plan 2021 and in preparation for Expo 2020.
This includes a 50 percent capacity increase of ENOC’s Jebel Ali refinery to reach 210,000 barrels per day, as well as the construction of Project Falcon’s 19km jet fuel pipeline extension to Al Maktoum Airport by end of 2018.
Another key component is the expansion of the retail network within Dubai which includes ongoing renovation of major service stations and the construction of 54 new stations by 2020.