Strategy

ENOC’s growth strategy for 2017-21 is based on three key priorities:

Focus efforts and investments on Dubai across all business to execute the plans efficiently

This entails completion of the asset expansion programme – refinery, service station network and storage capacity; increasing market share of diesel, jet fuel, LPG, and other petroleum products – and ensuring high profitability due to ENOC’s privileged position in the local market.

Integrated international expansion, developing capabilities to compete in cross-segment plays with selected pilots

A three-point plan envisages the development of one or two integrated downstream value-chain plays to build capabilities for future growth in response to possible saturation of the Dubai market; make integrated rather than solo investments to extract maximum value-chain synergies; and explore opportunistic investments by segment – should the opportunity be attractive and funding available.

Value-chain integration, creating synergies across upstream, midstream and downstream businesses

Upstream, the key priority is to generate value by creating synergies with downstream businesses, then exploring additional upstream growth to balance the value chain and capture opportunities in the low-price market environment. Beyond 2021, our growth strategy will continue to reinforce ENOC’s position in Dubai, our international expansion, and the expansion of our upstream portfolio.

2017 developments

The Group is currently undertaking a strategy revision exercise to prepare for future challenges and to further align itself with the long-term vision of Dubai. Although still at the preparatory stage, core principles of the long-term plan were defined during 2017. These are: mobility, renewables, technology, and Dubai’s long-term vision.

‘Mobility’ covers significant future influences such as electric, self-driving, and autonomous vehicles with on-demand availability; ‘renewables’ provides for issues such as global warming, climate change, regulation, and resource availability; while ‘technology’ takes account of big data, Blockchain, artificial intelligence, and cybersecurity.

Aligning with Dubai’s long-term vision links ENOC to Dubai Plan 2021, Dubai 2030 Industrial Strategy, Dubai Clean Energy Strategy 2050, and RTA Mobility Plan. ENOC’s flexible and forward-looking approach establishes the Group’s core purpose – not just a supplier of products and services, but an energy partner committed to long-term sustainability.

At the same time, it crystallises our core remit: to create value for ourselves, for shareholders, and for those who work with us. The commitment to industry-leading performance reflects growth ambitions, inspiration in delivery, and being competitive and best-in-class.

The strategic vision is for continuous strengthening of ENOC’s role as an innovative and integrated energy partner across the value chain – delivering sustainable value and industry-leading performance. It is a vision that clearly highlights the need to continue fostering the culture of innovation and adopt sustainable business practices to achieve higher performance.

In recent times, ENOC’s key markets have seen significant macroeconomic and geopolitical changes, such as lower oil prices and rising energy demand. These factors alone have prompted a renewed focus on long-term growth strategy, ensuring the Group’s goals and aspirations comprehensively support Dubai’s ambitious and innovative roadmap for years to come.