Emirates National Oil Co (ENOC) has started importing condensate from Qatar to replace sanctioned Iranian oil and is close to finalising deals with other producers, the Dubai government-owned company said on Sunday.
“With oil price volatility continuing to have a bearing on financial bottomlines, along with increased demand for petroleum products and the shortage of imported condensates from Iran because of the applied economic sanctions, we are evaluating various sources for condensate for our refinery, to strengthen our home-grown refinery capabilities,” said a short statement from the company.
The statement said ENOC has already begun importing condensates from Qatar to meet the current local market demand.
The company will continue to evaluate potential new regional and international sources of alternative and economically viable condensate, it added.
No details on price of import of condensates or quantities were mentioned. Unlike state-owned Abu Dhabi National Oil Company, Enoc does not have enough oil to meet its own fuel needs, making the retailer buy oil at international rates and sell at subsidized rates,as set by the state.
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