ENOC Group signs JV with Proserv Egypt to establish ‘ENOC Misr’
Dubai, United Arab Emirates, 18 February 2019: 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 Egypt.
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 agreement, ENOC Misr will market and distribute ENOC’s full range of lubricants to the commercial, industrial and marine sectors locally in the Egyptian market.
His Excellency Saif Humaid Al Falasi, Group CEO, ENOC, said: “Over the last 25 years, ENOC has contributed significantly to the UAE’s socio-economic progress, and has played a key role in the development of key infrastructure required to fulfill the country’s energy needs. We are proud to establish ENOC Misr as it offers a unique opportunity for knowledge sharing between us and industry experts like Proserv Egypt.”
“Over the past years, Proserv. Group and Proserv Egypt both succeeded in offering a diverse portfolio of lubricants for commercial, industrial and marine use to customers across Egypt, with the help of its highly skilled sales and marketing team. With hard work and sold planning, Proserv. has managed to establish a well-maintained and highly secured network of warehouses, best in class branded fleet, and a robust logistics infrastructure to meet customers’ needs in all 28 Egyptian governorates. 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.” Said Ahmed Hashem, Chairman, Proserv Group.