ENOC looks at investments in Egypt

CAIRO – 13 February 2018: Dubai-based Emirates National Oil Company (ENOC) is looking at investments in Egypt as it seeks to expand its regional footprint.

ENOC announced its expanding plan through its subsidiary Dragon Oil on the sidelines of Egypt Petroleum Show (EGYPS) 2018.

The company said that it participated in the conference to enhance its presence in Egypt and highlight the diversity of its operations and expertise in the energy sector through its wholly owned exploration and production company, Dragon Oil.

“Egypt has important sources of energy, as hydrocarbon production is estimated to contribute about six percent of Egypt's GDP. The government also has ambitious plans to boost investment in the petrochemical sector over the next five years," ENOC Chief Executive Safi Al Dalasi said.

Dragon Oil fully owns the East Gulf Oil concession in the southern Gulf of Suez, covering 93 square kilometers in a shallow area with a depth of 10 to 40 meters.

ENOC, which is wholly owned by the government of Dubai, was initially established in 1993.

The ENOC Group is comprised of more than 30 related subsidiaries involved in refining, lubricant blending, storage, aviation and retail.

President Abdel Fatah al-Sisi inaugurated the second edition of EGYPS 2018, which is taking place from February 12 to 14, 2018, on Monday.

The exhibition aims to bring together the region’s key stakeholders shaping the energy industry’s future, noted the event organizer, dmg Global Energy, in a statement.