VOL. XLV

No 4

28-January-2002

UAE

ENOC Establishes FujairahBunkering Subsidiary

Emirates National Oil Company(ENOC) on 22 January announced the establishment of a new subsidiary, ENOCBunkering (Fujairah), in which it will hold a 51% stake. The remaining shareswill be owned by the Fujairah Government (25%) and Kuwaits IndependentPetroleum Group (IPG 24%). The company has a paid-up capital of Dh5mn($1.4mn), and is targeting turnover of Dh605mn ($165mn) in the first year ofoperations, rising to...