Dubai: ENOC Group today announced the signing of an evergreen aviation fuel supply agreement with Indian Oil Corporation (IOC), the largest commercial oil and gas company in India.
The strategic agreement builds on the strong partnership that ENOC and IOC have fostered over the last two years. With the evergreen contract, IOC will provide aviation fuel to ENOC’s customers flying to and from 34 Indian airports.
His Excellency Saif Humaid Al Falasi, Group Chief Executive Officer of ENOC, said: “Our agreement with IOC marks another milestone in our global expansion plans. It also underlines the Group’s strong competencies, which is reflected in the success of our ongoing partnership with IOC in various industry sectors, including marine lubricants. With the UAE-India ties gaining momentum, underpinned by strong bilateral trade and partnerships in multiple sectors, the new agreement will further enable us to add value to our aviation customers that link the two nations.”
ENOC’s partnership with IOC also includes one of the largest collaborations in the global marine lubricant sector. The two entities are leading joint R&D efforts to develop cylinder oil that is compliant with the International Maritime Organisation’s regulation capping the global fuel sulphur limit at 0.5 per cent, effective January 1, 2020, thereby contributing to technical, commercial, operational and environmental efficiencies in ocean transportation.
Carriers in India and the UAE fly a total of 134,441 aircraft seats a week each way, according to existing bilateral rights. The robust aviation ties between the two nations is further complemented by consistently growing trade ties with the non-oil trade between the two nations at US$35.9 billion in 2018. The UAE is the largest Arab investor country in India valued at around US$10 billion while the nation is home to over 3.3 million Indians.
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About ENOC Group:
ENOC Group (Emirates National Oil Company) is a leading integrated international oil and gas player operating across the energy sector value chain. As a wholly owned entity of the Government of Dubai, and integral to the Emirate’s success, ENOC owns and operates assets in the fields of exploration & production, supply & operations, terminals, fuel retail, aviation fuel and petroleum products for commercial & industrial use. The Group’s general business operations includes automotive services, non-fuel F&B retail and fabrication services. Servicing thousands of customers in over 60 markets, the Group employs a multi-national workforce of over 11,000 employees and is deploying its world-class customer service, latest innovations and technologies and best practices to empower the UAE’s social and economic development. For further information, please visit: www.enoc.com
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For further information:
Srishti Soni | Navin Rochiramani
ASDA’A BCW
+9714 4507600
srishti.soni@bcw-global.com | navin.rochiramani@bcw-global.com
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