Emirates National Oil Company (ENOC) revealed its local and international development strategy at the Group's 2016 Annual Performance Meeting.

His Excellency Saif Al Falasi, ENOC's Group Chief Executive Officer, explained that the company's strong integrated business design will enable it to hold up against the obstacles associated with the continuous oil price volatility.

In spite of the challenging macroeconomic circumstance, ENOC earnings enhanced by 45 percent over the last 5 years, showing strong operational and sales efficiency, and increased efficiencies in supply chain management in domestic and abroad markets such as North Africa and the Far East.

In 2015, the volume of sales of crude oil and petroleum items reached a historic high surpassing 220 million barrels, showing an increase of 16 % over the previous year.

"Over the last 30 years, ENOC developed a competence that has helped it grow within this excellent country and beyond. Our group is capable of comprehending the special requirements of the local and regional market, along with remaining durable throughout tough economic cycles," stated Al Falasi.

"As we develop, we will capitalise on our experience and continue to promote the values associated with being an employer of option and a responsible corporate resident to strengthen our position as an international oil and gas player. Our strategy is focused on diversifying our earnings streams by investing in operations that are well positioned to create sustainable growth. We plan to accomplish this by strategically positioning ourselves and our portfolio and by drawing in and keeping the right talent.".

Al Falasi discussed that while the Dubai-headquartered company continues to be a national champ for the UAE and an integral part of Dubai's success story, the group is studying opportunities to expand its international operations to deliver on its mandate to supply energy to the United Arab Emirates.

"While the continuous oil cost instability is undoubtedly difficult, the flipside is that this environment is especially fertile for acquisitions, as particular business aim to exit certain industry sectors and markets," stated Al Falasi.

In regards to domestic growth, ENOC is set to implement an ambitious plan for its filling station: the retail arm is targeting a 40 per cent development for its gas station network by 2020, which includes ongoing remodellings of major areas and the construction of an extra 54 new venues in Dubai. Furthermore, the company is preparing a substantial growth of the Jebel Ali condensate refinery to accommodate rising domestic fuel need and increasingly stringent product specs.

Al Falasi stated: "The Ministry of Energy's choice to line up gasoline and diesel costs with market value enabled us to move on with our growth strategies and continue investing in technologies that boost customer support and experience. We will likewise satisfy the growing public need for more gas station in line with the expected population growth in the UAE over the next five years.".

In 2014 marked a vital turning point in ENOC's history with the completion of vital projects strategically developed to make it possible for the outstanding development of Dubai's aeronautics market and improve the Emirate's energy security. Task Falcon, a 58km jet fuel pipeline from Jebel Ali to Dubai International Airport, will contribute 55 percent of the ultimate fuel demand of Dubai International Airport. The Dragon Oil acquisition transformed the company into a completely integrated oil and gas business and offered Dubai ownership of possessions efficient in producing over 100,000 barrels daily of oil. These achievements are aligned with the Group's strategic instructions to satisfy the energy requirements of the UAE, expand its operations and purchase the infrastructure needed to help with Dubai's development.

"With Dragon Oil, we are now a vertically incorporated oil & gas business that is well positioned to strengthen our nation's energy security," continued Al Falasi. "With this acquisition, we intend to partner, compete, and grow together with the world's prominent international oil and gas players, as well as local national oil companies.".