Enoc plays an essential role in Dubai’s oil strategy, providing distillates from its 140,000 b/d splitter. An expansion to meet growing domestic demand is underway. It also faces the challenge of integrating its Turkmenistan-focused upstream arm.

Enoc has its hands full integrating recent acquisition Dragon Oil and expanding its Jebel Ali condensate splitter plant. The upshot is that the firm’s key mantra for now is consolidation.

The 2015 acquisition of Dragon Oil fulfilled...