Dubai, UAE: The board of directors of Emirates National Oil Company (ENOC) has announced a new five-year (2016-2021) growth strategy, aimed at serving Dubai’s growing energy needs while simultaneously developing an integrated upstream and downstream energy value chain to drive future growth.
The announcement revealed some of the measures that are part of the strategy, which include 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).
The company, the announcement said, has appointed Zaid Alqufaidi as the new Managing Director of ENOC Retail and Burhan Al Hashemi as the Managing Director of ENOC Marketing — two business units that have strong expansion plans — as part of its long-term strategy.
Addressing the board, His Excellency Saeed Mohammed 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, Al Tayer said that ENOC will work to achieve the goals of Dubai Plan 2021 through the new growth strategy.
His Excellency 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 said that it will focus on expanding capacities in order to support domestic energy demand in alignment with Dubai Plan 2021 and in preparation for Dubai Expo 2020. Elaborating further, the company said that the plan includes a 50% capacity increase of ENOC’s Jebel Ali refinery to reach 210,000 barrels per day, as well as the construction of Project Falcon’s 19-kilometre jet fuel pipeline extension to Al Maktoum Airport by end of 2018. These projects, it added, reflect ENOC’s commitment to supply 60% of jet fuel volumes at Dubai Airports by 2050.
Renovation of major service stations in Dubai and the construction of 54 new stations by 2020 is also part of the strategy, said the company. Another key area of focus, it added, is the development of international business which will follow an integrated structure as ‘ONE ENOC’.