ENOC was established in October 1993 with a capital of Dh100 million ($27m). Its first step was to take over the government's 60% stake in EPPCO. In 1998, it bought a stake in Dragon Oil of Ireland and later ENOC raised this to 69.4%. Dragon has since moved its main base from Dublin to Dubai, although it has kept its offices in the Irish capital, and has closed two offices in the UK.

Dragon's main interests are in Turkmenistan, where it holds the offshore Cheleken II concession. This has two oilfields, whose capacity is being raised from 7,500 b/d to 45,000 b/d by 2004. According to ENOC's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Hussein Sultan who is also chairman of the Irish company, Dragon's concession will eventually have a capacity of 90,000 b/d. This was the nominal capacity of the area's Lam and Zhdanov fields several years ago. ENOC in late 1999 helped Dragon secure a $30m loan from the Dubai branch of ANZ Grindlays Bank to finance expansion of these two fields, said to have 220m barrels of recoverable oil reserves (see Gas Market Trends 20).

ENOC is having a new building under construction next to its existing headquarters, under a Dh 50m ($13.6m). Called ENOC House II, the building will be completed in early 2001. It will have five storeys of office space offering 8,500 sq metres and underground parking for 260 vehicles. The two buildings will be linked to the EPPCO House through the underground car park areas, to allow employees and visitors to commute around the complex.

A second-hand refinery to produce 40,000 b/d of unleaded gasoline is being reassembled at Jebel Ali about 1 km from the ENOC splitter. Estimated to cost $67m, it will be on stream in July 2000 as a private venture called ISO (1) See ISO speed.

(2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. Octane. It will take naphtha feedstock from the splitter through a pipeline and crude oil from regional companies.

HSBC was mandated lead arranger in connection with the $145 million project financing for Horizon Singapore Terminals Private’s construction of an oil terminal on Jurong Island in Singapore. This was the first project financing for Emirates National Oil in Asia and the first oil terminal to be financed on a project basis. 2005

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