Emirates National Oil Company

In 1993, the Government of Dubai established the Emirates National Oil Company, or ENOC, as a wholly-owned entity. The mandate was clear: support the economic diversification and sustainable development of the rapidly growing emirate. With the approval of Sheikh Hamdan Bin Rashid Al Maktoum, then Minister of Finance and Industry, the holding company was launched to develop both downstream and upstream activities in the oil and gas sector. ENOC began its journey as an integrated oil and gas player, initially focused on building out its infrastructure. A significant early milestone was the opening of its first oil refinery in Jebel Ali in 1999. This facility was crucial for establishing its operational footprint. The company steadily grew, expanding into lubricant blending, storage, aviation, and a retail network that would become a familiar sight across the UAE. A pivotal moment in the company’s playbook came in 2015 with the acquisition of Dragon Oil. Already a majority shareholder, ENOC acquired the remaining stake in a deal that significantly expanded its upstream exploration and production capabilities. This move added key international assets, transforming ENOC from a primarily local entity into a global operator with a presence in markets from Turkmenistan to Egypt. While discussions about a potential IPO for its retail unit have surfaced, the company remains state-owned, focusing on expansion and supporting Dubai's energy needs.