UAE: ENOC to Focus Investment on Existing Downstream Business
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Saturday, 27 February 2010 |
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Emirates National Oil Co (ENOC) will focus on it’s existing operations
of service stations, fuel terminals and oil tankers in the Gulf.
Chief Financial Officer Petri Pentti stated at the end of 2009 the
company held assets worth $6.5 billion. ENOC's attempted investment in
Dragon would have been the first acquisition by a Dubai government
entity in more than two years.
"This year the focus will be on the vertical integration of the
business and upgrading our refineries and so far there are no plans for
any investments," Pentti said.
ENOC, which began commissioning new units at its Jebel Ali refinery in
December after completing a $850 million overhaul, is raising capacity
to about 120,000 barrels a day (bpd) from 70,000 at present, Pentti
said. "The new units will start around May," he said.
The project's initial budget was around $500 million, but Jebel Ali,
like many other energy projects worldwide, suffered cost inflation as
oil ran up to a record high near $150 a barrel in 2008.
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