Dubai, UAE; May 2017: ENOC Group's upstream operations, through its subsidiary Dragon Oil, will bolster UAE's energy security as it expands its operations across the energy value chain by adding an Exploration & Production (E&P) arm to its portfolio.
ENOC's Board of Directors led by the Vice Chairman, HE Saeed Al Tayer recently met with the Deputy Chairman of Cabinet of Ministers of Turkmenistan, where Dragon Oil has its exploration and production operations, to discuss the growth of its upstream business. The board, who also sit on Dragon Oil board, also met the Chairman of Turkmennebit, Turkmenistan's national oil company (NOC) to discuss collaboration opportunities.
His Excellency Saeed Mohammed Al Tayer, ENOC's Vice Chairman, said: "By acquiring Dragon Oil, and its subsequent integration, ENOC has provided an upstream asset for the emirate of Dubai, underlining our commitment in strengthening the nation's energy security. While our short-term strategy remains focussed on growing our business domestically, our long-term goal is to grow our international operations to expand our reach and upstream expertise."
Dragon Oil was fully acquired by ENOC Group in September 2015 transforming the group into a vertically integrated oil and gas business.
Ali Rashid Al-Jarwan, Chief Executive Officer, Dragon Oil said: "While Dragon Oil retains its operational status in the integration, we will draw from ENOC's 40 plus years' heritage in the midstream and downstream sector through their resources, expertise, and capacity, especially in operational efficiency."
ENOC's expansion in the downstream and midstream segments will continue as it expands its Jebel Ali refinery capacity to help meet product demand. The group has also made significant efforts in growing its trading business anticipating future demand in all markets. Its terminals business is exploring multiple opportunities to support domestic as well as international growth even as it added a crude storage facility at Fujairah while its retail arm is on target to meet increased product demand by 2020.
Dragon Oil has operations in Turkmenistan, Iraq, Algeria, Egypt, Afghanistan and Tunisia.