UAE’s ENOC sets up Egypt operations with joint venture deal

Emirates National Oil Company (ENOC) Group signed a joint venture (JV) agreement with Proserv Egypt to set up ENOC Misr, its first on-ground operations in the lubricants sector in the country.

The agreement marks ENOC Group’s physical presence in Egypt as part of its wider plans to expand internationally into key markets, including Africa.

Through this JV, ENOC Misr will market and distribute ENOC’s full range of lubricants to the commercial, industrial and marine sectors locally in the Egyptian market.

“We are proud to establish ENOC Misr as it offers a unique opportunity for knowledge sharing between us and industry experts like Proserv Egypt,” HE Saif Humaid Al Falasi, Group CEO, ENOC, said.

“Our partnership with ENOC to establish ENOC Misr is a strategic move in line with our efforts to further enhance our market offering and explore new opportunities. We are confident that ENOC Misr will be a key game changer in the future of Egyptian downstream market,” Ahmed Hashem, chairman of Proserv Group, said.

ENOC Group will also leverage its diverse product portfolio that caters to the entire energy value chain on the back of its existing lubricants and aviation fuel business in Egypt, with the potential to additionally serve other projects across key sectors in Egypt and other countries in the future.