ENOC: No plans for acquisitions this year

26 Feb 2010

(MENAFN) Dubai-based Emirates National Oil Co (ENOC) said that it will focus existing operations and hold back on acquisitions this year, Reuters reported.

The firm’s CEO, Petri Pentti, did not dismiss the idea of acquisitions through the year, but said that for the time being the company’s focus would be on the vertical integration of the business and upgrading our refineries.

The state-owned ENOC, which started commissioning new units at its Jebel Ali refinery in December after completing a $850 million overhaul, is raising capacity to about 120,000 barrels a day (bpd) from 70,000 at present, Pentti said.

He also pointed out that ENOC held assets worth $6.5 billion at the end of 2009.

It is worth mentioning that ENOC is a downstream-focused firm owned by the emirate’s sovereign wealth fund Investment Corporation Dubai, and it operates service stations, fuel terminals and oil tankers in the Gulf.

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