By: Amr Adel

Dubai - Mubasher: Emirates National Oil Company (ENOC) is currently negotiating with the government of Turkmenistan to renew the contract of Dragon Oil Company for another 20 years, ENOC's CEO said on Monday.

ENOC's current contract is set to expire in 2025, Seif Al Falasi added in an interview with Mubasher, noting that ENOC was currently considering expanding in other markets, including Egypt, Tunisia, Algeria, Iraq, and Afghanistan.

The priority is given to Iraq and Algeria, the CEO noted during the interview that was held on the sidelines of the 19th Water, Energy, Technology and Environment Exhibition (WETEX) in Dubai.

The company has a five-year deal with the Iraqi government and Kuwait Oil Company (KOC) to develop an oil field in Iraq, Al Falasi added.

Regarding expansion in the Saudi market, Al Falasi said that the first phase of expanding in Saudi Arabia includes raising the number of stations to 14 by the end of the year, with the second and third phases aiming at bringing the total number to 50 stations within the next three years.

ENOC plans to operate the Jebel Ali early refinery 2019, after the completion of the expansion work that will raise its production capacity from 140,000 barrels to 220,000 barrels per day, he added.

According to the CEO, all of ENOC’s stations will be operated by solar energy in the next three years. He explained that was currently planning to open 16 new solar-powered stations in line with its strategy of building 54 stations by 2020.

Al Falasi also pointed to around $10 million (AED 36.7 million) of investments in eco solutions for sustainability and energy saving in the last eight years, which helped save $8 million (AED 29 million).

The CEO negated that the company will issue Sukuk anytime soon, without ruling doing so in the future.

ENOC also does not plan to be listed or offer any of its shares in the stock market, the CEP stressed.