What's Hot

    almentor raises USD 10 million in pre-Series C round

    March 20, 2023

    Shape receives funding from The Oman Technology Fund

    March 17, 2023

    Flat6Labs launches USD 95 million African tech startup fund

    March 16, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023

      Hyosung Heavy Industries to start construction on South African energy storage project

      December 12, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      Fintech dominates African startup funding

      Business Finance Innovation Startups February 15, 2023
      Recent

      Fintech dominates African startup funding

      February 15, 2023

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023

      African startups face challenges in 2023

      January 10, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Commodities

    ENOC Africa plans oil infrastructure drive in Tanzania, East Africa

    September 3, 20143 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Dar es Salaam-based Dubai subsidiary commits to developing petroleum services and infrastructure to combat price fluctuations in the region

    Emirates National Oil Company (ENOC) Africa, a Dar es Salaam-based subsidiary of a Dubai emirate-owned oil firm, has laid out plans to invest heavily in terminal and oil storage facilities in its East African home market, aiming to increase its supply across the region.

    ENOC Africa was formed as a joint venture company between Petro Ltd., a Tanzanian company, and ENOC Supply and Trading, based in Dubai, though both firms are part of the ENOC Group, which has an annual turnover of $15bn spread across the oil and gas industry. We have taken note of economic development of Tanzania and recognise the need for modern storage facilities in the region.

    Arshid Esmail, MD of ENOC Africa, explained that the expansion programme was focused on bridging the gap in petroleum supply and demand that has caused prices in the region to skyrocket, and asserted that its undisclosed investment would help lead to a stabilisation of oil prices.

    “We are planning to invest heavily in Tanzania and the East African countries between now and next year as we prepare to tap the booming local and regional markets,” he told Tanzania’s Guardian.

    “We have taken note of the steadily increasing trend of economic development of Tanzania and East African region and recognise the need for modern storage facilities in the region,” he continued, adding that such services will be offered to wholesalers at affordable rates. Related article Dubai’s support for African business is good for all

    The UAE’s position as a business hub is set to continue

    Countries which will benefit from the storage facilities investments by the firm include Tanzania, Uganda, Rwanda, Burundi, DRC, Zambia and Malawi.

    The plans also follow the company’s recent success in a tender to import close to 300,000 tonnes of fuel under Tanzania’s Petroleum Bulk Procurement System (BPS) in October.

    Michael Mjinja, GM for the Petroleum Importation Coordinator (PIC), said the tender attracted six oil companies including five international companies, but it was awarded to ENOC Africa after it offered the lowest Weighted Average Premium of $45.771 a tonne.

    “ENOC emerged the winner after meeting all the tender requirements and proving that its offer would most benefit the country, traders as well as consumers,” said Mjinja.

    ENOC Africa was the first Tanzanian company to win two competitive tenders in February and July this year under the bulk procurement system for national oil consignments.

    MD Esmail said at the time, “We believe we can play a major role in sustaining Tanzania’s Strategic Petroleum Reserves (SPR),” adding that with the right services and infrastructure Tanzania will have the capacity to respond to any urgent crisis in fuel shortage situations.

    We have taken note of economic development of Tanzania and recognise the need for modern storage facilities in the region.

    Africa BURUNDI Dar es Salaam DRC East Africa ENOC Gas Malawi oil petroleum Petroleum Importation Coordinator Rwanda Strategic Petroleum Reserves Tanzania Uganda Zambia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleDubai sovereign wealth forms Africa alliance with Korean bank
    Next Article Sheikh Mohammed hails West African leaders at development forum

    Related Posts

    Business Startups

    Flat6Labs launches USD 95 million African tech startup fund

    March 16, 2023
    Business

    Tanzania and the UAE meet to discuss trade and investment

    February 28, 2023
    Business Startups

    GrowthAfrica accelerator program open for applications

    February 16, 2023
    Add A Comment

    Comments are closed.

    LATEST STORIES

    almentor raises USD 10 million in pre-Series C round

    March 20, 2023

    Shape receives funding from The Oman Technology Fund

    March 17, 2023

    Flat6Labs launches USD 95 million African tech startup fund

    March 16, 2023

    COFE raises USD 15 million Series B round

    March 15, 2023

    E-Livestock Global plans international expansion

    March 14, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.