May 06, 2018
Growth underpinned by the Group’s focus on business expansion
Dubai, United Arab Emirates: May 6, 2018: ENOC Group’s sales volume in 2017 reached 249 million barrels, underpinned by the Group’s strategic expansion of trading activities, retail operations, energy storage and petroleum product marketing efforts.
His Excellency Saif Humaid Al Falasi, Group CEO of ENOC, said: “The UAE is an integral player in the global energy landscape and is at the forefront of driving energy security and efficiency through diversification and sustainable development initiatives.
With a focus on strengthening our core competencies in the energy sector, we continue to invest in long-term critical infrastructure projects that fulfil Dubai and the UAE’s energy needs. Projects like the expansion of the refinery and the jet-fuel pipelines are crucial to responding to the transformational growth the UAE is witnessing.”
H.E. Al Falasi said 2017 was a milestone year for ENOC, highlighted by the expansion of its refinery project as well as the strengthening of its retail footprint, which contributed to job creation and supported industrial performance for key sectors such as aviation and transport.
In 2017, ENOC’s refinery achieved one of its highest-to-date throughputs led by 100 per cent plant utilisation rate. ENOC also marked significant progress on the US$1 billion refinery expansion project which will increase the supply of refined oil products by 50 per cent and produce premium products that will meet stringent Euro 5 requirements.
Led by underlying market demand and improved market share, ENOC’s products and aviation arms demonstrated strong growth in volumes, especially with the partnership between Emirates Gas and Dubai Properties to install LPG Composite Cylinders and the launch of Biodiesel5 as a green initiative.
Earlier in 2018, the Group awarded the EPC contract for the construction of the jet fuel pipeline extension to Al Maktoum International Airport at Dubai South. Set to be operational in time for Expo 2020, the 16.2-kilometre pipeline will carry 2,000 cubic metres of jet fuel per hour to Al Maktoum International Airport. ENOC’s network of jet fuel pipelines aims to meet the demand for jet fuel at Dubai Airports up until 2050.
ENOC’s continuous focus on customer service, innovation and supply chain synergies coupled by sustained domestic demand has also led to a significant increase in fuel sales volume. In 2017, over 120 million transactions were conducted at ENOC’s retail outlets; an increase of 30 million transactions compared to 2016. The Group opened six stations in 2017 – as per schedule to open 54 stations by 2020.
Highlighting its commitment to energy and resource management targets, the Group announced that all upcoming ENOC service stations will be powered by solar energy to support the UAE’s economic requirements and environmental goals. ENOC estimates more than 23 GWh of solar energy will be generated to power the new stations by 2020, minimising the load on DEWA’s grid and power generating stations.