ENOC Group unveils growth strategy to fuel sustainable vision

Having recorded its best performance ever in 2022 in its three-decades-long history of growth, ENOC Group on Thursday 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 realised 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.

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.”