Company Profile: Dubai’s Enoc Focuses On Chasing Jet Barrels

Enoc plays an essential role in Dubai’s oil strategy, providing distillates from its 140,000 b/d splitter. An expansion to meet growing domestic demand is underway. It also faces the challenge of integrating its Turkmenistan-focused upstream arm.

Enoc has its hands full integrating recent acquisition Dragon Oil and expanding its Jebel Ali condensate splitter plant. The upshot is that the firm’s key mantra for now is consolidation.

The 2015 acquisition of Dragon Oil fulfilled Enoc’s long-held aim of becoming a fully integrated oil company. Enoc has typically been primarily a refiner, through the 140,000 b/d Jebel Ali plant, and fuel retailer. But Dragon Oil’s two producing assets provide it with gross production of around 114,000 b/d, of which 96% comes from Turkmenistan’s Cheleken field (see table).

Integration of Dragon Oil into the Enoc corporate structure has picked up a notch in recent months. In January, Enoc CEO Saif al-Falasi was appointed CEO of Dragon and Enoc chairman Shaikh Hamdan bin Rashid Al Maktum was appointed the same position at Dragon – Shaikh Hamdan is also Deputy Ruler of Dubai and the UAE’s Minister of Finance. (CONTINUED - 894 WORDS)

DATA INSIDE THIS ARTICLE

table Dragon Oil's International Assets