Dubai’s ENOC Group and Proserv Egypt, the oil and gas company, have signed a joint venture (JV) agreement to establish ENOC Misr, its first on-ground operations in the lubricants sector in Egypt
The agreement marks ENOC Group’s physical presence in Egypt as part of its broader plans to expand internationally to key markets, including Africa, the company stated in a statement.
Through this agreement, ENOC Misr will market and distribute the full range of ENOC lubricants to the commercial, industrial and marine sectors locally on the Egyptian market.
Saif Humaid Al Falasi, Group CEO of ENOC, said, “Over the last 25 years, ENOC has contributed significantly to the UAE’s socio-economic progress, and has played a key role in the development of key infrastructure required to fulfil the country’s energy needs. We are proud to establish ENOC Misr as it offers a unique opportunity for knowledge sharing between us and industry experts like Proserv Egypt.”
Ahmed Hashem, chairman of Proserv Group, added, “Our partnership with ENOC to establish ENOC Misr is a strategic move in line with our efforts to further enhance our market offering and explore new opportunities. We are confident that ENOC Misr will be a key game changer in the future of Egyptian downstream market.”
ENOC Group will also leverage its diverse product portfolio, which relies on its existing lubricants and aviation fuel business in Egypt, with the potential to further serve other projects across vital sectors in Egypt and other countries in the future.