Dubai / Emirates Business
Emirates National Oil Company (ENOC) announced its local and global growth strategy at the Groupâ€™s 2016 Annual Performance Meeting. His Excellency Saif Al Falasi, ENOCâ€™s Group Chief Executive Officer, explained that the companyâ€™s strong integrated business model will enable it to withstand the challenges associated with the ongoing oil price volatility.
Despite the difficult macroeconomic situation, ENOC revenues increased by 45 per cent over the last five years, reflecting strong operational and sales performance, and increased efficiencies in supply chain management in domestic and overseas markets such as North Africa and the Far East. In 2015, the volume of sales of crude oil and petroleum products reached a historic high surpassing 220 million barrels, reflecting an increase of 16% over the previous year.
â€œOver the last 30 years, ENOC developed an expertise that has helped it grow within this great nation and beyond. Our team is capable of understanding the unique needs of the local and regional market, as well as staying resilient during challenging economic cycles,â€ said Al Falasi.
â€œAs we evolve, we will capitalise on our experience and continue to uphold the values associated with being an employer of choice and a responsible corporate citizen to fortify our position as an international oil and gas player. Our strategy is focused on diversifying our revenue streams by investing in operations that are well positioned to generate sustainable growth. We intend to achieve this by strategically positioning ourselves and our portfolio and by attracting and retaining the right talent.â€
Al Falasi explained that while the Dubai-headquartered company continues to be a national champion for the UAE and an integral part of Dubaiâ€™s success story, the group is studying opportunities to expand its international operations to deliver on its mandate to supply energy to the United Arab Emirates. â€œWhile the ongoing oil price instability is undoubtedly challenging, the flipside is that this environment is particularly fertile for acquisitions, as certain companies look to exit certain industry sectors and markets,â€ said Al Falasi.
In terms of domestic expansion, ENOC is set to implement an ambitious plan for its service stations: the retail arm is targeting a 40 per cent growth for its service station network by 2020, which includes ongoing renovations of major locations and the construction of an additional 54 new venues in Dubai. Moreover, the company is planning a significant expansion of the Jebel Ali condensate refinery to accommodate rising domestic fuel demand and increasingly stringent productspecifications.