Emirates National Oil Company (ENOC) signed a joint venture (JV) agreement with Proserv Egypt in order to establish ENOC Misr, ENOC Group’s first on-ground operations in Egypt’s lubricants sector, Egypt Oil & Gas reports.
According to the agreement, ENOC Group will have physical presence in Egypt, which will serve the company’s plans to expand into major international markets, including Africa.
The new JV will be responsible for marketing and distributing ENOC’s lubricants to Egypt’s commercial, marine, and industrial sectors.
“Over the last 25 years, ENOC Group has contributed significantly to the UAE’s socio-economic progress, and has played a key role in the development of key infrastructure required to fulfill the country’s energy needs. We are proud to establish ENOC Misr as it offers a unique opportunity for knowledge sharing between us and industry experts like Proserv Egypt,” said Saif Humaid Al Falasi, ENOC Group CEO.
“Over the past years, Proserv Group and Proserv Egypt both succeeded in offering a diverse portfolio of lubricants for commercial, industrial and marine use to customers across Egypt, with the help of its highly skilled sales and marketing team. With hard work and sold planning, Proserv has managed to establish a well-maintained and highly secured network of warehouses, best in class branded fleet, and a robust logistics infrastructure to meet customers’ needs in all 28 Egyptian governorates. Our partnership with ENOC to establish ENOC Misr is a strategic move in line with our efforts to further enhance our market offering and explore new opportunities. We are confident that ENOC Misr will be a key game changer in the future of Egyptian downstream market.” Ahmed Hashem, Proserv Group Chairman, commented.