DUBAI, ENOC Group is exploring investment opportunities within Egypt’s energy landscape as part of its long-term strategy to expand its regional footprint.
The announcement, made on the sidelines of the Egypt Petroleum Show, EGYPS, being held in Cairo from 12th to 14th February 2018, was part of ENOC Group’s participation in the exhibition that has brought key stakeholders from the MENA region, Africa and the Mediterranean to discuss business opportunities.
Seeking to expand its presence in Egypt, ENOC Group is showcasing its diverse operations and expertise in the energy sector through its wholly owned exploration and production subsidiary Dragon Oil, its lubricant product portfolio which includes high tier lubricants, greases and petrochemical products and its aviation business, one of the largest suppliers of aviation fuel in MENA.
EGYPS has brought together Egyptian and North African government representatives and international service providers to discuss developments and opportunities in the energy sector and showcase new products and technologies.
Saif Humaid Al Falasi, Group CEO at ENOC, said, “Egypt has significant energy resources with oil and gas being among the most dynamic industries in the country, hydrocarbon production representing six percent of Egypt’s GDP, and plans to invest significantly in its petrochemicals sector over the next five years.”
“We’re eager to share our expertise in the sector with our partners in Egypt and to contribute to the Egyptian economy. Investing in Egypt’s market, the third largest in Africa, complements our business strategy to go beyond the UAE and our commitment to industry-leading performance,” he added. This comes in effort to build on ENOC’s presence in Egypt through its subsidiary, Dragon Oil which fully owns the East Zeit Bay offshore concession, located in the south of the Gulf of Suez. The concession covers an area of 93 square kilometres and lies in shallow waters ranging in depth from 10 to 40 metres.
ENOC Group lubricants are also available in Egypt through distributors and online platforms. It currently comprises diverse business segments of exploration and production, supply trading and processing, terminals, fuel retail, aviation and products. Along with core fuel business, the Group also operates a portfolio of over 377 non-fuel service outlets across the region.
Source: Emirates News Agency