Emirates National Oil Company launches bunkering subsidiary
The Emirates National Oil Company (ENOC) recently launched its new bunkering subsidiary in Fujairah, providing offshore and in-port marine product supply. The joint venture between ENOC and the government of Dubai has a delivery capacity of 150,000 metric tons per month by utilising Vopak, ENOC Fujairah’s storage facilities. ENOC Bunkering is targeting a turnover of $165 million in its first year of operation, rising to $360 million within three years, confirmed a company press release.
ENOC Bunkering will provide a range of bunkering and cargo services including transportation, trans-shipment, storage, blending and marine fuel oil sales through its main office in Fujairah and ENOC branch offices worldwide.
“The local market will be supplied using a 63,000 dead weight ton (DWT) transportation and storage vessel and two 7,000 DWT bunker supply tankers,” explained ENOC Group Chief Executive Hussain Sultan. “An additional bunker supply tanker will be added to this fleet within the next quarter. These vessels will be chartered from another of ENOC's 25 subsidiaries, Dubai Shipping Company,” Sultan added.
ENOC Bunkering has a share capital of five million Emirati Dirhams ($1.36 million). The ENOC group has a 51 percent share of the new subsidiary’s equity; the Fujairah Government has a 25 percent stake holding, and Kuwait’s Independent Petroleum Group (IPG) holds the remaining 24 percent.
The ENOC Group has a diverse range of interests from petroleum retailing to refining, from shipping to information technology. The Group was set up in 1993 to serve as a catalyst for economic diversification in the downstream and upstream markets. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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