Enoc seeks to boost international footprint

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Enoc seeks to boost international footprint
Saif Al Falasi, Saeed Mohammad Al Tayer, and Tayyeb Al Mulla.

Published: Thu 24 Sep 2015, 9:02 AM

Last updated: Thu 24 Sep 2015, 11:03 AM

Emirates National Oil Company, or Enoc, which recently acquired a majority stake in Dragon Oil, said on Monday that it would continue to explore opportunities to strengthen its international footprint.
Saeed Mohammad Al Tayer, vice-chairman of Enoc Group of companies, a wholly-owned entity of Dubai government, said it is crucial for the company to remain focused on teamwork and continued growth, which are key ingredients for assured success. "We will continue to explore opportunities to strengthen our international footprint that will contribute to creating long-term value."
Al Tayer, who is heading a delegation to Singapore to evaluate business growth and expand the company's footprint, is accompanied by Saif Al Falasi, Group CEO of Enoc; and Tayyeb Al Mulla, Managing Director of Enoc Supply Trading & Processing (STP).
A detailed presentation was made to Al Tayer and the delegation on the company's presence in Singapore. The delegation also visited the Horizon Terminal at Jurong Island, majority owned by Enoc and managed by its team.
Singapore is a key market for the Dubai-based oil & gas group, which despite operating under a difficult macroeconomic situation and in a competitive market, has recorded significant and consistent growth that has doubled the company's revenue to more than $20 billion over the past five years. 
In Singapore, Enoc owns Enoc Singapore, as part of its STP business, and Horizon Singapore Terminals Private Limited. Enoc Singapore was founded in the year 2000 as the first international trading office of Enoc Group of Companies. It was also the first Middle East national oil company to set up a full-fledged trading operation in the country.
"Enoc Singapore was established as a trading window for Enoc and it has been the most successful international office. Along with Horizon Singapore Terminals Limited, the operations have consistently delivered great results for the company. Both offices have a competent and capable team and are significant contributors to Enoc's bottom line. Through the visit, the board gained a strong perspective on how the businesses have become successful and to benchmark best practices for future expansion plans," said Al Falasi.
Al Mulla said the STP team in Singapore placed a strong focus on business development and growth to support the company's international expansion strategy. "Since its inception, Enoc Singapore has grown from strength to strength and has made rapid strides and achieved recognition as a Global Trader under the Global Trader Programme (GTP) from the International Enterprise Singapore. We have also been ranked as one of the top 'Singapore 1000 company' for the last five years."
Horizon Singapore Terminals Private Limited is an integral component of Enoc's international footprint. The strategic location of the terminal, on the south-western quadrant of Singapore provides smooth marine traffic movements for tankers that call at the terminal, ranging from Very Large Crude Carriers to small bunker barges. The terminal caters to the storage, handling and blending requirements of national oil companies, oil majors, traders and bunkering companies, and is designed for multi-berth discharge and loading operations to maximise throughput capacity for its clients.
Yusr Sultan, managing director of Horizon Terminals Limited, said Singapore is a key market for Enoc. "Having the Board of Directors supporting their work will encourage us to develop our operations further and continue contributing to the overall success of the Group." As part of its plans to expand global footprint, Enoc has bought a majority stake in the Turkmesistan-based Dragon Oil.
In August, Enoc announced that it would delist Dragon Oil from the Irish and London stock exchanges, and also revised its offer to buy the rest of the company by increasing price to 800pence in cash per share which values the Dragon Oil at almost £3.95 billion.
- issacjohn@khaleejtimes.com

By Issac John

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