Dubai transfers ownership of Dugas to Enoc
Dubai’s Emirates National Oil Company (Enoc) has been handed the ownership of the Dubai Natural Gas Company (Dugas) by the emirate’s government.
Enoc was established in 1993 as a state-owned company, with the intention of developing downstream and upstream activities in the oil and gas sector.
In the press statement announcing the development, Hussain Sultan, the Enoc CEO, that the move will make the Enoc Group capable of providing an integrated energy strategy for Dubai.
Enoc, which has been primarily a downstream company, recently went upstream with the purchase of 69.4 percent Dragon Oil, which is listed on the Dublin and London bourses.
It plans to produce 40,000 to 50,000 barrels per day of crude per day through Dragon in five years.
Enoc recently received Approved Oil Trader (AOT) status from Singapore Trade Development Board (STDB).
Its Singapore branch was opened last year to function as the Asian center of its international refining and marketing business.
In the press release, Sultan said that with Enoc’s diverse range of upstream and downstream activities, it made sense to centralize all insurance and risk management activities. – (Albawaba-MEBG)