Dubai-Mubasher: Emirates National Oil Company (Enoc) said that sales of crude oil and petroleum products showed an unprecedented increase above 220 million barrels in 2015, a rise of 16% over 2014, according to the company's statement.
The company’s revenues jumped 45% over the last five years despite the difficult macroeconomic situation during the year.
Enoc adopted a strong integrated business model that will enable it to withstand the challenges associated with the ongoing oil price volatility, the group’s CEO Saif Al Falasi said, adding that “our strategy is focused on diversifying our revenue sources by investing in operations that are well positioned to generate sustainable growth.”
Enoc’s plan targets a 40% growth for its service station network by 2020, which includes ongoing renovations of major locations and the construction of an additional 54 new venues in Dubai.
The Dragon Oil acquisition transformed the company into a fully integrated oil and gas business and gave Dubai ownership of assets capable of producing over 100,000 barrels per day of oil.
