UAE’s ENOC Group signed a joint venture agreement with Proserv Egypt to set up ENOC Misr, its first on-ground operations in the lubricants sector in Egypt.
The agreement marks ENOC Group’s first physical presence in Egypt as part of its wider plans to expand internationally into key markets, including Africa. Through this JV agreement, ENOC Misr will market and distribute ENOC’s full range of lubricants to the commercial, industrial and marine sectors locally in the Egyptian market.
“We are proud to establish ENOC Misr as it offers a unique opportunity for knowledge sharing between us and industry experts like Proserv Egypt,” said Saif Humaid Al Falasi, Group CEO, ENOC.
ENOC’s product portfolio includes a diverse offering of lubricants services and products, in addition to jet fuel, liquefied petroleum gas (LPG), lubricants, bulk fuel, aviation, marine and alternative fuel such as compressed natural gas (CNG). The Group’s products are distributed in over 60 markets in the Middle East, Indian Subcontinent, South & Central Asia and Africa.
“With hard work and solid planning, Proserv has managed to establish a well-maintained and highly secured network of warehouses, best in class branded fleet, and a robust logistics infrastructure to meet customers’ needs in all 28 Egyptian governorates,” said Ahmed Hashem, Chairman, Proserv Group. “Our partnership with ENOC to establish ENOC Misr is a strategic move in line with our efforts to further enhance our market offering and explore new opportunities. We are confident that ENOC Misr will be a key game changer in the future of Egyptian downstream market.”
ENOC said the group will also leverage its diverse product portfolio that caters to the entire energy value chain on the back of its existing lubricants and aviation fuel business in Egypt, with the potential to additionally serve other projects across key sectors in Egypt and other countries in the future.