ENOC plans to set up energy fund

The Emirates National Oil Co (ENOC) has unveiled an ambitious plan to set up a $ 50 mm energy fund to provide petroleum products to the UAE industrial sector, as part of its long-term strategy to boost the country's economic diversification drive.
"We are studying a plan to establish a Dh 185 mm ($ 50 mm) energy fund to feed the UAE's industrial and manufacturing sectors with frequent supplies of oil products," said Mirza Al Sayegh, deputy chairman of ENOC.

He stated that the recent and dramatic developments in the Middle East have not affected the oil industry in the UAE.
"These events have neither impacted on the UAE's oil and petrochemicals Industries, nor caused sharp fluctuations in world oil prices."
"The up and down trends in prices are not confined to the oil market only, but they also involve other markets like textiles and building materials," he added.

On ENOC's expansion into regional markets, he said that his company had received several applications to open fuel stations In Egypt and Jordan.
"We are assessing the feasibility of these projects. Certainly, we will enter these markets if there are no obstacles," he said.