Emirates National Oil Company (ENOC) - Q1 2013

Emirates National Oil Company (ENOC) - Q1 2013

SWOT Analysis


  • Significant domestic oil refiner.

  • Substantial fuels market share.

  • Equity investment in Dragon Oil (Caspian exploration).


  • No direct local oil/gas production.

  • Rising investment requirement.


  • Rising local/regional energy demand.

  • Refinery upgrade/expansion.

  • Increasing share of fuels retail segment.


  • Developing regional refining capacity surplus.

  • Changes in national/regional energy policy.

Company Overview

ENOC is a diversified conglomerate, wholly owned by the emirate of Dubai. Upstream interests include Dubai Natural Gas Company (DUGAS), which is in charge of LPG exports. LPG is distributed domestically through Emirates Gas, which owns bottling plants in Jebel Ali, Ajman and Fujairah. ENOC also has a 52% shareholding in Dragon Oil, which is developing the offshore Cheleken Block in Turkmenistan's Caspian Sea. ENOC Processing Company LLC (EPCL) operates the company's 120,000b/d refinery in Jebel Ali. The plant processes light crude and condensate into LPG, naphtha, jet fuel, diesel oil and fuel oil for domestic and export markets. A US$850mn project to add a reformer and hydrotreater is being implemented. The company's international refining and marketing subsidiaries include crude sourcing and trading units in Singapore and the UK. Retail unit ENOC Retail operates a network of 140 ENOC- and EPPCO-branded service stations throughout Dubai and the northern emirates, as well as storage terminals in Jebel Ali and Fujairah. Another downstream unit, EPPCO Projects, was formed in 1996 to expand into aviation refuelling and lubricants manufacturing and marketing in the UAE.


The firm's recent moves indicate it is focusing on the downstream, where we expect the company to make most progress. There is potential for growth in refining and LPG operations. ENOC is also diversifying internationally and is aiming for rapid expansion in the Asia Pacific region. Dragon Oil is also seeking to acquire interests in other upstream assets overseas, so ENOC could have an opportunity to boost its production in future via that route.

ENOC has teamed up with Saudi fuel retailer Aldrees Petroleum to build at least 40 service stations in Saudi Arabia, the companies said in August 2012, in a deal the Dubai-government owned retailer hopes can recover some of its losses at home. The UAE market for non-fuels activities associated with ENOC service stations isn't big enough to offset fuel sales losses, so the company has formed a 50:50 joint venture with Aldrees, which enjoys healthy sales margins thanks to plentiful cheap supplies from Saudi Aramco, to increase its revenues abroad. Aldrees operates more than 450 filling stations in Saudi Arabia.

Operational Data

  • Year established: 1993

  • No. of employees: 3,500

  • Refining capacity: 120,000b/d

Company Details

  • Emirates National Oil Company Limited (ENOC)

  • PO Box 6442

    ENOC Complex

    Sheikh Rashid Road


    United Arab Emirates

    Tel: +971 (4) 337 4400

  • Fax: +971 (4) 313 4102

  • www.enoc.com


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