Dubai – MENA Herald: Product volumes from the Marketing segment of Emirates National Oil Company (ENOC) grew by 10% in 2015, the company has revealed at its Annual Marketing Conference 2016.
“The ENOC Marketing portfolio includes a diverse portfolio of products and services, reaching customers within a variety of sectors like aviation, automotive, industry and even individual households,” said H.E. Saif Humaid Al Falasi, CEO of ENOC Group. “Volume growth despite the downturn of oil prices is therefore a testament to the differentiation of our products, ingenuity of our operations and the excellence of our sales team.”
ENOC Marketing is responsible for the marketing of products such as jet fuel, liquefied petroleum gas (LPG), lubricants, bulk fuel and alternative fuel like compressed natural gas (CNG).
“Our core focus is to provide our customers with a one-stop shop of solutions, irrespective of the location or time,” said Zaid Alqufaidi, Managing Director, ENOC Marketing. “While economies continue to fluctuate, maintaining this core value has allowed us to grow market share, in spite of the challenging economic situation. From research with our customers in 2015, customer satisfaction has also increased, reflecting the strong performance of our team.”
Despite the decline in oil prices, revenues from the Marketing segment contributed 16% of overall group earnings. “Emirates Gas LLC (EMGAS), our LPG business, and ENOC Industrial Products Marketing are the major contributors of this segment from profitability standpoint,” continued Alqufaidi. “These businesses have not only grown their volumes but have also engaged in efficient margin management and better cost control – activities that have been instrumental in the growth of ENOC Marketing.”
With the construction of the Project Falcon pipeline extension to Al Maktoum International Airport in 2017, jet fuel volumes are expected to increase in the near future.
ENOC Marketing’s products are distributed in 70 markets in the Middle East, Indian Subcontinent, South & Central Asia and Africa.
“Looking ahead, we are strongly focusing on volume growth in local and international markets to achieve profitable growth,” concluded Alqufaidi. “For the local market, we hope to introduce new technologies and solutions to retain market share. We also hope to attract new customers by replicating our business model across international markets. Our strategy incorporates all avenues of growth, including entering new markets in Africa, and potential acquisition activity in Asia.”