Dubai government-owned oil firm Emirates National Oil Company (ENOC) subsidiary has announced that it will invest heavily in oil terminal and storage facilities in Tanzania
ENOC Africa is a joint venture company between Tanzania’s Petro (T) Limited and Dubai’s ENOC Supply and Trading LLC (ESTC) that are part of ENOC Group with an annual turnover of over US$15bn in oil and gas trading, refining and retailing operations, ENOC said.
Arshid Esmail, MD of ENOC, said that the expansion programme is objectively focusing to bridge the petroleum demand and supply gap.
Esmail added, “We are planning to invest heavily in Tanzania and the east African countries between now and next year as we prepare to tap the booming local and regional markets.
“We have taken note of the steadily increasing trend of economic development of Tanzania and east African region in the next few years and recognise the need for state-of-the-art storage facilities in the region.”
According to ENOC, the investment would ensure that the country and its neighbouring landlocked countries have enough reserves even during times of uncertainties in global supply of petroleum products that will further lead to stable oil prices.
Countries to benefit from the storage facilities investments by the firm also include Uganda, Rwanda, Burundi, DR Congo, Zambia and Malawi.
Meanwhile, ENOC Africa is the first Tanzanian company to win two competitive tenders in February and July this year under the bulk procurement system in the country for the supply of national oil consignment.
