Dubai-based Emirates National Oil Company (ENOC) does not plan to file for any initial public offering (IPO) in the meantime and it seeks to open 54 service stations by 2020, the company’s CEO said.
This step will mainly support the ongoing preparations to host the Expo 2020 world’s fair, in line with meeting national energy needs, Saif Humaid Al Falasi told Mubasher in an interview.
ENOC has already opened 15 new stations last year, and it will carry over into its service stations network expansion plan, Al Falasi added.
He noted that the group recently announced it would open five stations in Sharjah this year in coordination with the emirate’s government.
Mubasher: What are the latest updates on ENOC’s expansion plan in the UAE?
Saif Humaid Al Falasi: We are willing to make our plans consistent with the UAE’s development aspirations in terms of content and objectives. We are constantly working to develop infrastructure of our business sectors, including oil, fuel and retail.
In 2016, ENOC announced plans to open 54 service stations by 2020. The company has already opened 15 new stations in 2018, which means that our plan to expand our service stations network by 40% is on track.
ENOC recently unveiled plans to open five stations in Sharjah in 2019 in collaboration with the emirate’s government to reach 25 stations over the coming five yearsMubasher: What are the latest updates on the pilot project launched last April in coordination with Dubai Municipality, upon which ENOC will supply biodiesel 5 fuel?
Saif Humaid Al Falasi: Our partnership with Dubai Municipality is a clear evidence of our commitment to provide customer-centric services, which contribute to the UAE’s development and growth. Launching the vital biodiesel 5 came in a response to the UAE’s 2050 Energy Strategy, which aims to provide a mix of energy sources that combine renewable, nuclear, and clean energy. We are glad to cooperate with Dubai Municipality in this initiative, which represents the common national commitment to bolster constructive initiatives, particularly those that encourage sustainability and reinforce the culture of protecting environment.
ENOC has launched biodiesel 5, a developed eco-friendly fuel alternative, in the UAE markets with the aim to diminish the carbon footprint and reduce the emission of greenhouse gases. Biodiesel 5 is mainly used by companies in trucks and heavy construction equipment without the need to upgrade engines and fuel storage facilities.Mubasher: By the beginning of this year, some foreign media sources were anticipating ENOC to file for an IPO or list a subsidiary on the UAE’s stock markets. Are you considering any of these plans after denying them last January?
Saif Humaid Al Falasi: We are not considering any IPO in the meantime. The group has seen a resilient financial performance throughout a downturn period in the oil and gas sector, which has been clearly reflected in our ability to secure several sources of financing. Despite the fluctuated sales in foreign currency due to lower oil prices, the demand for ENOC’s main products remains healthy.
Mubasher: Do you plan to hire new employees after offering more than 100 jobs this year?
Saif Humaid Al Falasi: ENOC has a staff consisting of more than 11,000 employees in 31 units operating across many regions. The development of human capital is the main pillar of the company’s success as it embodies a key element of our management plans and performance enhancement strategies.
Career opportunities are mainly provided to UAE nationals in various business sectors as ENOC made national development and Emiratisation a top priority through clear strategies and objectives. Career development is periodically reviewed to ensure progress in a bid to make it be consistent with their professional and personal objectives.
We also launched the Graduation Development Programme within the framework of the National Staff Development Programme that aims to help young Emirati nationals after graduation from universities and help the company to support its strategy to develop talents. We are managing the first national development programme in the UAE that focuses on developing the functional, behavioural, professional, managerial, and leadership skills of the national staff at ENOC Group
Mubasher: Do you plan to offer new options of fuel at the group’s service stations as Abu Dhabi National Oil Company (ADNOC) did in Abu Dhabi?
Saif Humaid Al Falasi: ENOC is always working on improving customer service standards based on state-of-the-art innovations and technological developments. We are looking forward to opening 54 stations by 2020, and we believe that this step will be a key factor in supporting the ongoing preparations to host the Expo 2020 Dubai, in line with meeting national energy needs.
Our stations offer many innovative services, including flexible payment options such as the Vehicle Identification Pass (ViP) without the need to use cash or credit cards, in addition to payment through the Beam Wallet that reduces crowd in the stations and allows drivers to refuel easily.
ENOC has launched a system along with the Roads and Transport Authority (RTA) that enables customers to use Nol cards to pay for all products and services within ENOC’s retail network, including refuelling and car services.
The six-month Expo 2020 Dubai will be held on 20 October 2020 to 10 April 2021 and is expected to welcome more than 25 million visitors.