UAE's ENOC has said that increased demand for oil, gas, diesel and jet fuel last year contributed to growing fuel sales across key industries.
ENOC said that demand across the fuels rose by 6 per cent in 2016 compared to the previous year and ENOC’s downstream businesses plays an essential role in meeting Dubai’s growing energy demands and growth plans.
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.”
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 per cent 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 per cent on the back of minor recovery in oil prices,” added Al Falasi.
Al Falasi said 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.