Enoc
marks tenth anniversary with new vision and mission
Posted: 1 April 2003
Dubai group looks to be energy partner of choice
Emirates National Oil Company Ltd (ENOC) LLC has marked its tenth
anniversary with the unveiling of a new vision and mission aimed
at positioning the Government of Dubai Group as an ‘Energy
Partner of Choice.’
“The adoption of this new vision and mission reflects the
realities of ENOC today and its desire to be a leader in Dubai’s
global future,” said Hussain Sultan, Group Chief Executive
and Board Member, ENOC. “Joint ventures and alliances will
take the ENOC brand across the globe and throughout the upstream
and downstream sectors.
“In order to live up to the new vision and mission ENOC is
committed to constantly innovate quality products and services,
to meeting market demands swiftly and positively, providing best-in-class
management and financial performance and contributing positively
to social and environmental issues.”
ENOC, which was set up in 1993 with a paid-up capital of Dhs100
million, today operates in excess of 24 subsidiaries and has a paid-up
capital of Dhs 500 million.
“In the energy business, constant re-engineering is vital
to ensure a place in the major league,” explained Hussain
Sultan. “Over the next year we will concentrate at home on
increasing our non-fuel business and improving profitability.
“Overseas, we will move into more markets and develop additional
revenue streams, often with joint venture partners and through alliances.
Oil storage, lubricants and aviation are key areas of international
expansion.”
Sultan said ENOC has already made international inroads with its
lubricants now marketed across the Middle East, Far East, Asian
Sub-continent and South America, and further overseas development
is on the cards.
“Globalisation must now apply across the board, with ENOC
fuelling available at international airports, with our storage capabilities
and experience being sought for us to invest, plan, develop and
management international facilities and with ENOC service stations
along the highways of countries outside our own shores.”
The Group Chief Executive outlined near-term development, which
will include new projects in Saudi Arabia and Egypt, expanded influence
in Dijoubti and building on existing business in Singapore.
“Very soon the Group will also establish, as part of a joint
venture, an independent oil storage company,” he said.
Looking ahead towards the next decade, Sultan said ENOC would see
more UAE nationals in management positions and, he hoped, moves
would be made within the next few years to publish the Group’s
annual accounts.
Posted by Richard Price,
Editor Pipeline Magazine
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