SINGAPORE TRADE DEVELOPMENT BOARD GRANTS ENOC OIL TRADER STATUS
The Singapore Trade Development Board has designated Emirates National Oil Company (Singapore) Private Limited (ENOC Singapore) – as an Approved Oil Trader.
“We are pleased that ENOC Singapore will be the first Middle Eastern national oil company to join the AOT league. Their presence will add to the buzz of the international oil trading community in Singapore,” said David Chin, Deputy CEO of STDB. “This is a boost to our efforts to encourage established international players to base their operations in Singapore.”
ENOC is wholly-owned by the Government of Dubai. A diversified group operating in the upstream and downstream markets, ENOC opened its first overseas branch office in Singapore last year. The office has now been incorporated as Emirates National Oil Company (Singapore) Private Limited, or ENOC Singapore, as its trade name has been registered.
ENOC Singapore will function primarily as the Asian centre of ENOC’s international refining and marketing business.
Singapore was chosen due to its developed international oil business infrastructure and due to its proximity to a wide range of Asian markets vital to ENOC’s international refining and marketing business.
ENOC is also close to finalising an office in London to look after the international oil business opportunities there, and to provide a more global coverage to its business.
“We will be present in two of the world’s three leading petroleum trading centres,” said Hussain Sultan, Chief Executive, ENOC.“Singapore will be the nerve centre for ENOC’s principal trading activities in the important Asian region.
“We currently export approximately 55,000 barrels per day of full range naphtha, a petrochemical feedstock vital to the developing economies of Asia, produced at our condensate refinery and also a certain portion of out jet fuel production.”
The 120,000 barrels per day refinery commenced commercial operations in April 1999 and was officially inaugurated last December in the Jebel Ali Free Zone by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister for Finance and Industry and ENOC Chairman.
ENOC also owns and operates one of the largest commercial storage networks in the Middle East. “Our international business has grown rapidly over the last few years through active investments and acquisitions, and we now interact daily with the international markets,” said Hussain Sultan.
“We are conscious that it is a highly competitive market, but we want to be recognised as a quality brand in international markets, just like our traditional and strategically important local UAE market, where we have been long recognised under Sultan.
“It will be the responsibility of offices like ENOC Singapore to continuously scout the markets for good quality business opportunities and add value financially and culturally.”
Established in April 1993 to serve as a catalyst in economic diversification, ENOC now has interests stretching beyond the petroleum sector and includes information technology, shipping, aviation jet fuel supply and services as well as chemicals storage and trading. ENOC is the holding company for a growing number of profitable subsidiaries and joint ventures.
Dubai, United Arab Emirates: September 26, 2000