• 4 minutes Get First Access To The Oilprice App!
  • 7 minutes Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 9 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 2 hours Oceans "Under Fire" Of Plastic Trash
  • 12 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 12 hours Nuclear Power Can Be Green – But At A Price
  • 18 hours How Is Greenland Dealing With Climate Change?
  • 5 hours Algorithms Taking Over Oil Fields
  • 16 hours Is Natural Gas Renewable? I say yes it is.
  • 18 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 13 hours Socialists want to exorcise the O&G demon by 2030
  • 7 hours Europe Slipping into Recession?
  • 9 hours UK, Stay in EU, Says Tusk
  • 1 day Saudi Private Jet Industry Stalls After Corruption Crackdown
  • 1 hour Orphan Wells
Solar Investment Plunges Amid Panel Glut

Solar Investment Plunges Amid Panel Glut

An oversupply of solar panels…

Dubai State Oil Company Loses 10% In Turnover In Oil Price Dip

Enoc

Dubai-based state-owned Emirates National Oil Company (ENOC) has reported a nearly 10-percent year-on-year drop in turnover as a result of depressed oil prices, the company told reporters Monday.

Driven largely by its trading arm, which sold record volumes of petroleum products last year, ENOC recorded a turnover around US$13 billion in 2016.

While about 45 million to 50 million barrels of sales were accounted for by its physical operations, the bulk of its sales volume – nearly 200 million barrels of oil equivalent – was accounted for by its trading arm, which operates out of offices in Dubai, Singapore and London, and trades derivatives, such as ‘paper barrels’ and oil futures, as well as physical oil,” Gulfnews cited Petri Pentti, Enoc’s chief financial officer, as saying.

For ENOC, Pentti said that while trading is a significant part of the business, it’s margins are fairly small.

ENOC’s five-year average growth rate is about 9 percent, with sales volumes reaching 245 million barrels of petroleum products in 2016.

Pentti said he expected the operating environment to improve this year in comparison to 2016 as oil prices rise due to oil production cuts agreed to by OPEC and non-OPEC countries in November.

Related: UAE Starts Execution Of $163 Billion Energy Transformation Program

The announcement comes at the same time that ENOC reveals it's plans to invest several billion dollars in the development of capacities and projects over the next three to five years. This will include the expansion of ENOC’s network across Dubai in 2017, as well as the pinpointing of potential opportunities in neighboring Gulf countries, Africa and Southeast Asia.

In addition, ENOC is seeking to expand its refinery and build up its terminal storage capacity, along with its network of petrol service stations. ENOC’s Jebel Ali refinery is expected to get a 50-percent capacity boost. The state-owned integrated company is also working to build a 19-kilometer extension to its jet fuel pipeline to Al Maktoum Airport by the end of next year. This project would boost the capacity of the Jebel Ali plant to 210,000 barrels per day by 2020.

Also on the books is an expansion of ENOC’s market share for diesel, jet fuel and liquefied petroleum gas (LPG).

By Charles Kennedy for Oilprice.com

More Top Reads from Oilprice.com: 



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News