ENOC/Saudi Aircraft Refueling Joint Venture
Emirates National Oil Company (ENOC) announced on 8 December the formation of a joint venture with Saudi Arabias Arabian Aircraft Services Company (Arabasco) to form United Gulf Aircraft Fueling Company (Ugafco). Arabasco owns 51% of the new venture, with the remaining 49% held by ENOC. The companys paid-up capital is $3mn, and its headquarters will be in Jiddah. Under the agreement, ENOC will market Ugafco and...