ENOC Marketing posts 10% volume growth for 2015
Despite the decline in oil prices, revenues from the Marketing segment contributed 16% of overall group earnings
Product volumes from the Marketing segment of Emirates National Oil Company (ENOC) grew by 10% in 2015, the company recently revealed at its Annual Marketing Conference 2016.
“The ENOC Marketing portfolio includes a diverse portfolio of products and services, reaching customers within a variety of sectors like aviation, automotive, industry and even individual households,” Saif Humaid Al Falasi, CEO of ENOC Group, said.
ENOC Marketing is responsible for the marketing of products such as jet fuel, liquefied petroleum gas (LPG), lubricants, bulk fuel and alternative fuel like compressed natural gas (CNG).
Despite the decline in oil prices, revenues from the Marketing segment contributed 16% of overall group earnings.
“Emirates Gas LLC (EMGAS), our LPG business, and ENOC Industrial Products Marketing are the major contributors of this segment from profitability standpoint,” Zaid Alqufaidi, managing director, ENOC Marketing, said.
With the construction of the Project Falcon pipeline extension to Al Maktoum International Airport in 2017, jet fuel volumes are expected to increase in the near future.
ENOC Marketing’s products are distributed across 70 markets in the Middle East, Indian Subcontinent, South & Central Asia and Africa.
“Looking ahead, we are strongly focusing on volume growth in local and international markets to achieve profitable growth,” Alqufaidi said.
“For the local market, we hope to introduce new technologies to retain market share. We also hope to attract new customers by replicating our business model across international markets. Our strategy incorporates all avenues of growth, including entering new markets in Africa, and potential acquisition activity in Asia,” he added.