DUBAI / Emirates Business
Emirates National Oil Company (ENOC) announced a record volume of sales of petroleum products of 245 million barrels, reflecting a 5-year rolling average growth of 9 percent, despite the challenging macroeconomic situation.
The announcement was made during the Groupâ€™s board meeting, which took place on February 2, to discuss 2016 performance, including Dragon Oil, and finalise 2017 plans and budgets in alignment with the Groupâ€™s strategic direction. As part of the five-year strategy, ENOC will focus its efforts and investments on fulfilling Dubaiâ€™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 Liquefied Petroleum Gas (LPG).
Addressing the board, His Excellency Saeed Al Tayer, ENOCâ€™s Vice Chairman, said: â€œAs 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 UAEâ€™s global energy leadership and commitment to green and sustainable growth while ensuring its energy security.â€
His Excellency Saif Humaid Al Falasi, Group CEO of ENOC, added: â€œENOCâ€™s pioneering and entrepreneurial attitude is more important than ever to ensure Dubaiâ€™s energy needs are met at a time of significant change. 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.