Enoc appoints new chief executive

Emirates National Oil Company replaced its chief executive on Monday without giving a reason for the change.

A statement by Sheikh Hamdan Al Maktoum, Deputy Ruler of Dubai and chairman of Enoc’s main board of directors, announced that Saif Humaid Al Falasi has taken over from Saeed Al Khoory, as chief executive.

Mr Al Khoory had been chief executive for the past four years. Mr Al Falasi has been on Enoc’s executive management board for seven years, as head of corporate affairs, as well as health and safety.

This month, Enoc said it had approached Dragon Oil to buy the 54 per cent of the company it does not already own, although it has not yet made a formal offer for the company, which is listed on the London and Dublin stock exchanges.

Dragon Oil’s shares were trading up 7 pence at 576 pence on the London stock exchange late yesterday, valuing the company at about £2.8 billion (Dh15.22bn).

Enoc also recently agreed a deal with a consortium of banks to raise US$1.5bn via a syndicated loan.

Both Mr Al Khoory and Mr Al Falasi have risen through the ranks as technocrats, each having started out more than 30 years ago as US-educated petroleum engineers working for Abu Dhabi National Oil Company. Mr Al Khoory remains as a member of the Dubai Supreme Council of Energy, the emirate’s top energy decision-making body.

Enoc was founded 22 years ago and has dozens of subsidiaries, including refining at Jebel Ali free zone, retail stations throughout Dubai and upstream assets that include Dragon Oil, which has one main producing field in Turkmenistan.

Enoc’s aim under Mr Al Khoory has been diversification and that remains the strategy.

“The focus will be to lead the company’s growth by exploring new geographic markets, as well as diversifying our revenue streams,” Mr Al Falasi said.

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