March 21, 2023
Having recorded its best performance ever in 2022 in its three-decades-long history of growth, ENOC Group today unveiled its long-term growth strategy to fulfil the growing demands for reliable, secure, and sustainable energy locally and internationally. The strategy is founded on five strategic pillars to elevate the Group to the forefront of delivering world-class sustainable and integrated energy solutions.
In addition, ENOC Group revealed that its plans will be fulfilled through a focus on operational efficiencies, collaboration, and implementation of digital technologies, and by delivering a seamless experience across the energy sector value chain.
Under the pillar of ‘Proactive Improvement’, ENOC Group will proactively enhance efficiencies across its processes and procedures to transform operations and achieve cost savings. The Group, which recorded a 60% increase in EBITDA last year in comparison to 2021, will closely monitor its businesses to strengthen competitiveness and create long-term value in the UAE economy.
From its refinery, terminals, retail stations and more, the group will profitably and sustainably grow its world class capabilities through the pillar of Asset Optimization that aims to maximize value realized across its range of operations. As part of its Think Customer pillar, ENOC aims to further introduce customer-focused initiatives and drive retail expansion through its ongoing commitment to innovate and deliver unsurpassed experiences.
In line with its ongoing vision to foster a culture of ‘One ENOC', the ‘Integrated Value Chain & Growth’ pillar will pave the way for collaboration as one team across all the value chain to optimise supply demand balance, enhance asset-back trading, and launch transformational ventures. The fifth pillar of ‘Diversified Energy Solutions’, will help deliver on ENOC’s sustainable vision to meet the clean energy demands of the future. Accordingly, the Group aims to position itself as a key player in the new energy economy, invest in energy transition technologies to align with the UAE’s Net Zero 2050 strategic initiative, and develop innovative energy and mobility solutions with like-minded partners.
His Excellency Saif Humaid Al Falasi, Group CEO, ENOC, said: “2022 was a commendable year which saw ENOC Group achieve significant milestones in production capacity, financial excellence and overall growth. The Group also made strides in advancing its sustainability ambitions in addition to the ongoing implementation of its digitisation journey, which is driving innovation and meeting the needs of customers in a time of rapid technological changes.”
He added: “Our action-oriented goals embedded within the framework of five strategic pillars represent the intentional strategic direction for the Group as we embark on a new phase of growth. Under the ‘One ENOC’ principle, we will work collectively to deploy the strategy, track and measure our progress, and maintain both financial discipline and flexibility as we remain steadfast in delivering on our goals, vision and mission in a continuously evolving economic landscape.”
Al Falasi further emphasised that the multiple awards that ENOC Group received in 2022 for its innovation, sustainability, and digital capabilities was a testament to its efforts in driving sustainable value in the energy sector. As a leading energy player, the Group’s concerted efforts to incorporate sustainable practices across all its operations saw it win the Golden Peacock Award for Sustainability for the fifth consecutive year in 2022 while its strong CSR culture was recognised when its subsidiary, Emirates Gas, was honoured with the Dubai Chamber of Commerce and Industry CSR Label Award for the 11th consecutive year.
The Group’s efforts in seeking innovative solutions to reduce emissions and achieve climate neutrality, saw its participation in the Emirates Airlines test flight by securing, blending and loading SAF (Sustainable Aviation Fuel). Furthermore, the Group also became the first to implement the latest Smart Fuel Supply Management System in the UAE.
Throughout the year, ENOC continued to focus its efforts to ensure employee safety, business continuity and maintain asset integrity, and expanded its talent pool with the announcement of 50% Emiratisation during Careers UAE 2022. Having hosted more than one million visitors at Expo 2020 Dubai, the Group will leverage the site to highlight its climate and net zero ambitions under its new growth strategy.
On the digitisation front, in partnership with SAP, ENOC Group automated over 1,000 business processes in 2022 while it increased its retail footprint in the UAE to 186 service stations and enabled more than half a million customers to benefit from its Yes Rewards Programme.
In line with the Group’s expansion plans, Tasjeel opened its 10th vehicle testing and registration centre in Sharjah and ENOC Link opened its first eLink station, also in Sharjah. ENOC Group also opened four compact stations and the first Emergency Response Centre in JAFZA and announced the completion of its Jet Fuel Pipeline to Al Maktoum International Airport last year.
While ENOC Group’s Strata marine lubricants arm recorded an impressive 350% sales growth in two years, the Group also announced its partnership with Tfe Intermediacao De Negocios Ltda to distribute lubricants in Brazil.