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FinancialNews


  • 28-01-13

    Dubai's ENOC shifts away from Iranian oil to Qatar

    (MENAFN) Dubai government-owned Emirates National Oil Co (ENOC) is replacing its Iranian oil imports with other producers, Reuters reported. The company said it has started buying condensate from Qatar and is in final talks with other producers. Last year ENOC was the biggest consumer of Iranian condensate with an importing average of 127,000 bpd, up from 106,000 bpd in 2011, despite US pressures to stop the trade. ENOC, which loses millions of dollars a year selling subsidized fuel at USD0.47 a litre, needed the cheap supplies from Iran to help mitigate the burden of selling gasoline at below cost. ENOC needs to import oil because Dubai's crude production cannot meet demand in the Gulf emirate. ENOC said it was currently finalizing contracts with other leading condensate producers in the region to meet its fuel needs over the next few years.

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