Senior executives from Emirates National Oil Company (ENOC) visited Singapore last week to evaluate opportunities for growing the business in the country and beyond.
Singapore is a key market for ENOC, where it currently owns ENOC Singapore, as part of its STP business, and Horizon Singapore Terminals Private Limited.
ENOC Singapore was founded in the year 2000 as the first international trading office of ENOC Group of Companies.
It was also the first Middle East national oil company to set up a full-fledged trading operation in the country.
The delegation consisted of HE Saeed Mohammad Al Tayer, Vice Chairman of ENOC Group; Saif Al Falasi, Group CEO; and Tayyeb Al Mulla, Managing Director of ENOC Supply Trading & Processing (STP).
HE Al Tayer said: “I am impressed with the performance and the professionalism of our team members. It is crucial that we remain focused on teamwork and continued growth, which are key ingredients for assured success. We will continue to explore opportunities to strengthen our international footprint that will contribute to creating long-term value.”
“ENOC Singapore was established as a trading window for ENOC and it has been the most successful international office. Along with Horizon Singapore Terminals Limited, the operations have consistently delivered great results for the company. Both offices have a competent and capable team and are significant contributors to ENOC’s bottom line.
"Through the visit, the Board gained a strong perspective on how the businesses have become successful and to benchmark best practices for future expansion plans,” said Al Falasi.
On STP’s business in Singapore, Al Mulla said: “The STP team in Singapore places a strong focus on business development and growth to support the company’s international expansion strategy. Since its inception, ENOC Singapore has grown from strength to strength and has made rapid strides and achieved recognition as a Global Trader under the Global Trader Programme (GTP) from the International Enterprise Singapore. We have also been ranked as one of the top ‘Singapore 1000 company’ for the last five years.”
Yusr Sultan, Managing Director of Horizon Terminals Limited, said: “Singapore is a key market for ENOC, underpinned by the work of our teams in the region, who have delivered consistent positive results throughout the years. Having the Board of Directors supporting their work will encourage us to develop our operations further and continue contributing to the overall success of the Group.”