RIYADH: The Emirates National Oil Co. has no immediate plans for an initial public offering, Meed reported quoting a company's spokesperson as saying.
The official, however, said the firm is planning to list its shares on a stock market in near future.
“As a wholly-owned company of the government of Dubai, we are aligned with the UAE’s national agenda. We will continue to serve our customers and fuel the energy needs of the UAE in compliance with the vision and regulations of the government,” Meed reported, citing the spokesperson.
The firm currently has 164 fuel stations in the UAE and the number is projected to hit 186 by the end of 2022.
In Saudi Arabia, ENOC operates as many as 27 service stations and plans to raise this number to 124 by 2030.
In addition to this, the energy group has been recently investing in Egypt as part of a bigger long-term scheme to further expand its footprint in the region.
