UAE's Enoc marks Egypt expansion with JV focused on lubricant sales
Proserv Egypt has formed a joint venture with the state-owned giant to market lube and related products in the country
The UAE's Emirates National Oil Company (Enoc) has expanded into Egypt by setting up a joint venture with Proserv Egypt to sell lubricants in the country.
Under the agreement, Enoc said, the newly formed Enoc Misr will market and distribute the UAE state-owned giant’s full range of lubricants to the “commercial, industrial, and marine sectors [...] in the Egyptian market”.
The deal comes as part of Enoc's wider plans to expand internationally into key markets, including Africa. Its product portfolio includes lubricants services and products, in addition to jet fuel, liquefied petroleum gas (LPG), and alternative fuel such as compressed natural gas (CNG).
Speaking on the deal, Said Ahmed Hashem, chairman of Proserv Group, said: “Our 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.”
The news comes just two months after Enoc announced plans to build 45 new service stations in Saudi Arabia, all “strategically built on the kingdom’s vast network of highways” that connect the country’s 13 provinces and link Saudi to rest of the GCC and the Middle East.
April 2018 also saw Enoc reveal plans to build a ‘service station of the future’ in Dubai, in support of the company’s role in Expo 2020 Dubai after being appointed the event’s integrated energy partner.