Emirates National Oil Company News

UAE-based Emirates National Oil Company (Enoc) Group has signed a MoU with IMS Oil, international trading operator in Greece, to exclusively supply lubricants for up to 16 product tankers at IMS Oil’s Fujairah and Singapore ports.The partnership expands ENOC’s marine lubricants supply network to over 110 ports in 23 countries worldwide, a statement said.ENOC currently supplies lubricants to marine vessels such as offshore supply boats, container liners, tankers, Navy and Coastguard ships, using a network of transport options including road tanker trucks and pipelines.Saif Humaid Al Falasi, group CEO of ENOC, said: “We continuously aspire to further expand our local, regional and international presence and are excited about the opportunities this presents for the Group.

Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since August after South Korea halted imports from Iran while China's demand dropped during summer, according to several industry sources and shipping data.The build-up in Iranian oil supplies underscores the pressure that Iran is facing as Washington aims to bring Iranian oil exports down to zero to force Tehran to re-negotiate a nuclear deal.The Very Large Crude Carrier (VLCC) Felicity loaded condensate at Iran's Assaluyeh port in early August and then set ail for Jebel Ali in the UAE…

Abu Dhabi Government-owned investment group, International Petroleum Investment Company’s (IPIC) Khalifa Abdulla Al Romaithi, Head of Portfolio Management Division, has taken over chairmanship of Gulf Energy Maritime PJSC (GEM),  from Saeed Abdulla Khoory, Chief Executive officer of Emirates National Oil Company (ENOC). Al Romaithi assumes GEM's top post in its Board of Directors, which rotates every three years between IPIC and ENOC. Khoory remains a board member of GEM and will at the same time focus on his increasing role at ENOC.

Gulf Navigation Holding PJSC (DFM: GULFNAV) has announced the appointment of Khalid Karim to the position of Chief Financial Officer  Khalid brings to Gulf Navigation over 30 years of experience in major oil & gas and shipping companies in senior finance roles. He joins the company as it enters a new phase in its substantial expansionary plan where he will assist the company in its continuing growth strategy. A chartered accountant and Fellow of the Institute of Chartered Accountants in England & Wales- Khalid held the post of Group CFO at Emirates National Oil Company (ENOC) where he for over the last 10 years was directly involved in ENOC's shipping companies.

Hatem Fawzy, Director, Offsets Ventures; Ahmed Al Wahaibi, Deputy CEO, Oman Oil Company; Hussain M. Sultan, Group Chief Executive and Board Member, ENOC; Khadem Al Qubaisi, Investment Division Manager, International Petroleum Investment Company of Abu Dhabi; Xavier Thuriot, Chairman & CEO, Thales International Middle East. GEM – Gulf Energy Maritime PJSC – is a new $430m joint venture shipping company, launched today. The venture, headquartered in Dubai, is 35% owned by Emirates National Oil Company (ENOC)…

Eye Gas Ships Next? Gulf Energy Maritime PJSC, or GEM, is a new $430 million joint venture shipping company, launched last month. Headquartered in Dubai, GEM is owned by Emirates National Oil Company (ENOC) (35%); Abu Dhabi-based International Petroleum Investment Company (IPIC) (30%); Oman Oil Company (30%); and Thales (5%). The company is intent on capitalizing on the worldwide ban on single hull tankers, and will start with two Double Hull Panamax ships, with four more Panamax newbuilds under construction at Hyundai Heavy Industries for delivery by 2005. Initially, the company will only transport clean petroleum products and easy chemicals, including naphtha, kerosene, MTBE, methanol, jet fuel, MOGAS, and other hydrocarbons.