Dubai-based Emirates National Oil Company (Enoc) is looking at investments in Egypt through its wholly-owned subsidiary Dragon Oil as it seeks to expand its regional footprint.
Dragon Oil, which fully owns the East Zeit Bay offshore concession south of the Gulf of Suez, plans to expand new product portfolios in the country.
"Investing in Egypt's market, the third largest in Africa, complements our business strategy to go beyond the UAE and our commitment to industry-leading performance," said Enoc group chief executive Saif Al Falasi.
Enoc currently sells lubricants, greases, petrochemicals and aviation fuel to the Egyptian market. Enoc assumed full ownership of Dragon Oil, which operates concessions across Iraq, Afghanistan, Turkmenistan, Egypt, Algeria and Tunisia, last year
The Dubai firm, which operates the emirate's largest refinery at Jebel Ali, created a dedicated exploration and production unit last year as it eyes opportunities to invest in upstream assets abroad.
Last week, Enoc opened its largest service station in Saudi Arabia and announced plans for more this year.
UAE-based fuel retailers, including Abu Dhabi's Adnoc Distribution, have announced expansion plans in the kingdom to tap its lucrative market.
Enoc is currently undertaking a $1 billion expansion of its Dubai refinery to increase capacity by 50 per cent, with a new condensate processing train raising daily crude oil processing capacity to 210,000 barrels per day (bpd) from a current 140,000 bpd, plus other new units.
Enoc is owned by the Dubai Government with Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai and Minister of Finance as the chairman. Its main upstream asset is the offshore Cheleken field in Turkmenistan that produces about 100,000 barrels of oil per day (bpd).