The UAE’s demand for gas, oil / diesel and jet fuel has increased by 6% in 2016 compared to the previous year, contributing growing fuel sales across key industries such as aviation, road and transport sectors.
ENOC’s downstream businesses play a vital role in providing products of international standards and are essential for meeting Dubai’s growing energy demands and aspirational growth plans. Such products include Jet Fuel, Liquefied Petroleum Gas (LPG), diesel, petrol, bitumen, fuel, oil and lubricants. ENOC is also expanding its portfolio to include alternative fuels such as Compressed Natural Gas (CNG).
His Excellency Saif Humaid Al Falasi, Group CEO of ENOC, said: “With the latter part of 2016 seeing oil prices steadying globally, ENOC Group’s energy business has seen significant growth, especially for its diesel oil and aviation fuel products in both domestic and international markets. We are capable of meeting the demands of our strategic customers in over 60 countries and we were able to achieve 100 per cent of our targeted volumes, while exceeding our targeted volumes and bottom line profitability.”
Furthermore, ENOC has established the largest lubricant blending plant in the Middle East with a production capacity of 250,000 MT/annum, which produces high quality lubricants to meet growing customer demand across local and international markets.
“The Middle East demand with diesel, gas and oil is also expected to regain growth this year owing to higher crude oil price stimulating industrial activities. Domestically, even though the UAE witnessed a drop in its 2016 GDP by 2.3% due to lower consumer spending and weak investment sentiments, we performed well. Our expectations for 2017 is to perform better as the GDP is expected to increase marginally to 2.5% on the back of minor recovery in oil prices,” added Al Falasi.
The Middle East demand for fuel is expected to grow in 2017 due to increased economic activities fuelled by both government and private sector investments in infrastructure and innovation.
Looking forward, ENOC’s main focus will be to enhance efficiency of operations through innovative and sustainable means. Al Falasi explained that the focus will continue to remain in identifying key growth markets which will deliver sustainable sources of value to the Group’s operations, while also continuing to strengthen local presence to serve the ever-evolving energy needs of Dubai and the UAE.
Today ENOC’s products are distributed in over 60 Markets in the Middle East, Indian Subcontinent, South & Central Asia and Africa, and ENOC has ambitious plans to expand to other markets across the GCC and MENA region
ENOC’s product portfolio includes jet fuel, liquefied petroleum gas (LPG), lubricants, bulk fuel, aviation, marine and alternative fuel such as compressed natural gas (CNG).