ENOC Mull Next Steps for Expansion in "Key" Singapore Market

A number of ENOC's high-level members say they traveled to Singapore in an effort to support the company’s international operations.

State-owned Emirates National Oil Company (ENOC) says in an effort to support the company's international operations, a number of its high level executives recently traveled to its "key market" in Singapore to "evaluate business growth and expand the company's footprint," Gulf News reports.

The delegation is said to have received a detailed presentation on the ENOC's presence in Singapore, as well as a tour of the Horizon Terminal at Jurong Island, which is ENOC majority owned and operated.

"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," said Saif Al Falasi, Group CEO of ENOC.

"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."

Horizon Singapore Terminals Private Limited is said to be an "integral" part of ENOC's international business, catering to the storage, handling, and blending requirements of its clients.

Yusr Sultan, Managing Director of Horizon Terminals Limited, commenting on the visit 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."

On Tuesday, it was reported that Singapore's record high stocks and a slowing demand for fuel oil are encouraging traders to temporarily store increasing amounts of the fuel oil in tankers.