Wednesday, Mar 05, 2014

Dubai: The Emirates National Oil Company (ENOC) plans to increase market share and boost product volumes as part of its growth strategy for 2014, according to a company statement on Wednesday.

“Our strategic priority for 2014 is to explore new opportunities for inorganic growth led by our expansion to new geographies and developing compelling initiatives to bolster all-round growth,” said Saeed Khoory, Enoc’s CEO, in a statement.

Khoory said the company will capitalize on the positive macroeconomic conditions in Dubai and its other key markets to increase its market share and boost product volumes.

Enoc aims to increase profitability by driving the execution of critical projects and building infrastructure to strengthen market share and support Dubai’s energy needs, according to the statement.

It will focus on enhancing operational efficiency by making better use of resources and efficient margin management.

Enoc will continue to provide fuel at subsidised rates, according to Khoory.

Enoc’s revenue jumped 50 per cent between 2011 and 2013, while its profit grew by 39 per cent during the same period.

“All our core businesses - marketing, retail, terminalling and supply, trading and processing - have recorded positive performance, leveraging increased market demand,” Khoory said.

He added that the company’s expansion to key emerging markets in the Middle East, Africa and South Asia have contributed to its revenues.

The company’s refinery throughput rose 28 per cent last year compared to 2011, and terminalling capacity grew by 33 per cent.

In addition, sales to third parties increased by 49 per cent.

Meanwhile, Enoc said it will continue to utilize information technology (IT) systems to drive business growth.

With the Vehicle Identification Pass (ViP) system introduced last year, customers can refuel at Enoc and Emirates Petroleum Products Company (Eppco) petrol stations without paying by cash or using credit cards. This is because the ViP recognises the registered vehicle being filled up and deducts the costs from the registered customer’s account.

Enoc recently introduced a self-service refuelling option to 20 additional petrol stations, bringing the total number of stations with the facility to over 65.

Enoc and Eppco have a network of more than 100 service stations across Dubai and the Northern Emirates.

Staff Report

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