Enoc importing Qatari oil to replace sanctioned Iranian oil

Dubai government-owned Emirates National Oil Company (Enoc) has started to import condensate from Qatar and is looking for more alternative suppliers to replace sanctioned Iranian oil, the company said in a statement on Sunday.

"Enoc has already started importing condensates from Qatar to meet the current local market demand. The company will continue to evaluate potential new regional and international sources of alternative and economically viable condensate," it said.

"With oil price volatility continuing to have a bearing on financial bottom lines, along with increased demand for petroleum products and the shortage of imported condensates from Iran because of the applied economic sanctions, we are evaluating various sources for condensate for our refinery, to strengthen our home-grown refinery capabilities."

Enoc had been the biggest buyer of Iranian condensate in 2012, despite the West's tightening sanctions.

* Reuters