As well as ensuring uninterrupted supply of feedstock for ENOC’s refinery and MTBE plants, STP plays a synergised role in meeting the wider commercial objectives of ENOC Group and its subsidiaries. It also finds export outlets for surplus refinery products not required by the Group. STP has been managing independent buy/sell market positions in international crude and petroleum product markets, and offtake the entire export crude entitlement of ENOC subsidiary Dragon Oil in Turkmenistan. Price risk management is another key function performed by the trading teams, both for STP’s own business and other Group divisions. This integrated approach will strengthen further with the current roll-out of ENOC’s Group-wide SAP enterprise resource planning (ERP) system.
Our synergies also extend beyond the Group. Through strategic partnerships with governments, international oil companies and traders, STP has been able to identify and build on a range of global business opportunities. Over the past few years STP continued to strengthen its long-term relationships and expand its trading footprint in Asia, the Middle East, Europe, Africa and the Americas. ENOC’s positioning as a national oil company incentivises companies to forge long term partnerships.
Over the years, the trading team has imprinted the ENOC name within international trading markets. STP is well-recognised and respected as a sound, reliable and expert market participant. Over the last two decades, we have shown our resilience for operating in the most challenging environments.
Working across its trading hubs in Dubai, London and Singapore, ENOC continues to expand its global commodities trading and derivatives presence within its vision to be a truly international market participant. In 2020, the Group will continue to expand its global trading footprint in Europe, Africa, and North and the Americas. STP also recognises the growing importance and potential of gas as the ‘fuel of the future’, and we have already taken several steps to enhance our presence in the liquified natural gas (LNG) trading markets.