Dubai Government-owned Emirates National Oil Company (ENOC) has announced a new growth strategy aimed at serving Dubai's growing energy needs while developing an integrated upstream and downstream energy value chain to drive future growth.
As part of the five-year strategy 2016-2021, ENOC said in a statement that it will focus its efforts and investments on fulfilling Dubai's energy needs through 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 LPG.
As part of ENOC's long-term strategy, the board appointed Zaid Alqufaidi as managing director of ENOC Retail and Burhan Al Hashemi as managing director of ENOC Marketing - two business units that have strong expansion plans.
Saeed Al Tayer, ENOC's vice chairman, 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 percent per year.
"The UAE is witnessing a similar rise in consumption led by an increase in population and the need to drive infrastructure development. To address this, ENOC will work to achieve the goals of Dubai Plan 2021 through an innovative approach focused on product positioning as identified by our new growth strategy.
"Meeting the energy needs of Dubai is the primary objective of the Group, with a focus on developing synergies across the value chain to deliver world-class sustainable and integrated energy solutions."
Saif Humaid Al Falasi, Group CEO of ENOC, added: "Our new strategy aims to achieve the sustainable development goals of Dubai, while promoting energy sector efficiency. Our integrated development model, 'ONE ENOC', will strengthen our operations and global footprint by drawing on synergies between our upstream and downstream business segments."
The company will focus on expanding capacities in order to support domestic energy demand including a 50 percent capacity increase of its 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.
It also plans to expand its retail network within Dubai with the ongoing renovation of major service stations and the construction of 54 new stations by 2020.
In 2015, the group's sales volume of crude oil and petroleum products reached a record high surpassing 220 million barrels, reflecting an increase of 16 percent over the previous year.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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