ENOC is to hold back on acquisitions this year, as it focuses on its existing operations, a senior executive has told Reuters.
The downstream focuses firm, owned by Dubai’s sovereign wealth find Investment Corporation Dubai, attempted to acquire Dragon Oil last year, only to see its bid rejected by minority shareholders.
“It’s too early in the year to say if there will be no acquisitions at all, but I think for the time being the focus is our current refineries,” chief financial officer Petri Pentti told Reuters by telephone.
“This year the focus will be on the vertical integration of the business and upgrading our refineries and so far there are no plans for any investments,” Pentti added.
Last year shareholders rejected the $1.9 billion acquisition bid for the 48.5% of Dragons stock it did not previously own. It would have been the first acquisition by a Dubai government entity in more than two years.
