Enoc signs aviation fuel supply agreement with Indian Oil Corporation
Middle East energy firms see lucrative opportunities in the Indian product market
Emirates National Oil Company signed an aviation fuel supply agreement with state-owned Indian Oil Corporation which will see the Dubai-based firm supply 34 Indian airports.
The two companies are also collaborating in the marine lubricants sector. Enoc and IOC are undertaking research in low-sulphur cylinder oil compliant with International Maritime Organisation regulations.
India is among the biggest oil buyers in Asia, with Middle Eastern crude forming the bulk of its imports. Fuel retail has also emerged as a sweet spot for Gulf oil companies looking to tap additional ways of securing market share in one of the fastest growing demand centres for crude and product.
Middle East energy firms have increasingly begun to eye the Indian product market, with Abu Dhabi National Oil Company and Saudi Aramco for instance, looking to jointly develop a $70 billion refining and chemicals complex with a consortium of domestic state-backed refiners.
Other UAE companies such as Adnoc Distribution, a unit of the state oil firm, are looking to enter the highly lucrative lubricants segment in Asia's third largest economy.
“Our agreement with IOC marks another milestone in our global expansion plans," said Enoc group chief executive Saif Humaid Al Falasi.
"It also underlines the group’s strong competencies, which is reflected in the success of our ongoing partnership with IOC in various industry sectors, including marine lubricants," he added.
Updated: December 10, 2019 07:35 PM