Oil sector
The discovery of oil offshore in 1966 by the Dubai Marine Areas (DUBA) consortium and the Dubai Petroleum Company (DPC), which began oil production in 1969, brought Dubai the financial support it needed for modernization. Dubai’s leadership has proven particularly far-sighted in its use of oil revenues to help make Dubai a leading international business center with an exceptional quality of life.
Using petroleum reserves for long-term benefits
Much of the credit for this development can be traced to the vision of the late Sheikh Rashid bin Saeed Al Maktoum, who established the policy of using Dubai’s oil revenues for the benefit of the local population and to support the emirate’s long-term prosperity. His work has been continued by the present ruler, H.H. Sheikh Maktoum bin Rashid Al Maktoum, and his brothers Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry, and General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defense.
Dubai’s oil fields include Fateh, Southwest Fateh and two smaller fields, Falah and Rashid, all offshore, and the Margham field onshore. DPC is the main operator. Dubai accounts for a 2 percent share of the UAE’s overall gas reserves, and Dubai’s Margham gas/condensate field can deliver up to 140 mn cfd for domestic use, while offshore fields can provide another 100 mn cfd. Sharjah also supplies Dubai with 430 mn cfd through a pipeline installed in 1992. The state-owned Dubai Natural Gas Company (DUGAS) is responsible for processing natural gas produced in Dubai’s offshore oil fields as well as the gas piped from Sharjah.
Faced with diminishing reserves, Dubai has successfully diversified its economy and has positioned itself asa state-of-the-art international business hub. It is building on its long reputation as a dynamic trading center, a role it has played since 1830 when the Maktoum family, who still rule the emirate, took over the small fishing village where modern Dubai began.
Emirates National Oil Company Ltd. (ENOC) L.L.C.
“ENOC is the energy partner of choice.”
Hussain Sultan, Group Chief Executive and Board Member
Emirates National Oil Company (ENOC) has developed a strong reputation for its market-responsive strategies and commitment to quality, and strives to be the partner of choice for all its associates, from individual customers to international business partners. Founded in 1993, ENOC has diversified over the years to establish thriving operations in a wide range of sectors, and has formed high-profile joint ventures with multinationals like Caltex, Vopak, TotalFinaElf and Petronas.
As Hussain Sultan, Group Chief Executive and Board Member, explains, “We now have four business units: upstream, including Dragon Oil, an independent oil and gas exploration and production company listed on the London and Dublin stock exchanges; downstream, which is all of the EPPCO companies; International Refining and Marketing (IRM), which handles supply and trading; and our gas companies, terminalling and shipping operations.”
Known for innovation, ENOC opened Dubai’s first petroleum refinery and pioneered LP gas bottling and distribution in the Emirates as well as the manufacture of LP gas cylinders. ENOC operates a USD 150 million fleet of oil and chemical tankers, and provides safe storage and handling of a wide range of liquid chemical products at its state-of-the-art Jebel Ali facilities. Chemstore, a recent addition to the ENOC portfolio, handles storage of hazardous chemicals in Jebel Ali Free Zone in line with Dubai’s stringent environmental regulations. EPPCO, a joint venture between ENOC and Caltex, has been providing motorists with high-quality products and services for nearly 16 years.
One of ENOC’s most dynamic companies is Global Technology Services (GTS), originally established to handle the group’s in-house technology needs but now expanding into new areas to offer value-added information-technology solutions and services to corporate clients in a wide range of sectors throughout the Middle East, Africa, Europe and America. Key GTS activities include ERP applications consulting; business intelligence, data warehousing, e-business consulting services (B2B and B2C portals); customized software development; business consulting, project management, and integrated solutions; Internet/Intranet network security; and asset management. GTS has made strategic alliances with Oracle, KVS, Datacons (MFund), Outerbay, Hewlett Packard, and Ascential.
Terminalling or storage of petroleum and gas liquids has been a strategic business for the Group through its subsidiary, Horizon Terminals Ltd. The Company recently announced a major shipping joint venture, namely Gulf Energy Maritime with strategic partners and continues to grow its downstream activities including lubricants, bunkering and aviation refueling business.
Sultan predicts good profits for the ENOC group this year and welcomes contacts with American investors. He says, “I would like Americans to know that ENOC is not like any other national oil company. It is an aggressive commercial company that uses global, modern business concepts in everything it does, and is integral, open and transparent. ENOC is, as we say, the energy partner of choice.”
