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ENOC/ARABASCO forge Jeddah refuelling joint venture

Posted: 8 December 2003

Emirates National Oil Company (ENOC) LLC has forged a joint venture aircraft refuelling company with Saudi Arabia’s Arabian Aircraft Services Company (ARABASCO).

The new joint venture — United Gulf Aircraft Fuelling Company (UGAFCO) — is 51 per cent owned by ARABASCO and 49 per cent by ENOC. The company, which has a paid up capital of US $3 million, will offer refuelling services at the King AbdulAziz International Airport in Jeddah — the second busiest airport in the Gulf.

The new joint venture is ENOC’s first move into aviation services and supply outside the United Arab Emirates, where, through its aviation subsidiaries and associates, it stores and supplies fuel at international airports in Dubai, Sharjah and Fujairah.

“This is the first step in realising our international aviation ambitions of becoming a global Energy Partner of Choice,” said Hussain Sultan, Group Chief Executive and Board Member.

“With a 20-year history of ground handling at King AbdulAziz airport and a client portfolio built up through years of providing total quality aviation services and solutions, ARABASCO was an ideal partner through which to penetrate Saudi Arabia’s competitive aviation fuel supply sector.”

Under the agreement, ENOC will market UGAFCO and provide the company with technical know-how.

UGAFCO will be headquartered in Jeddah and run by a Board of Directors comprising both ENOC and ARABASCO representatives.

“ENOC’s valuable aircraft fuelling operations expertise has opened up a new opportunity for ARABASCO and one which we will actively pursue,” said Mohammed Al Shablan, President and CEO, ARABASCO. “This joint venture will assist us in achieving our aim of becoming the region’s full spectrum aircraft services provider.”

ENOC says it is also pursuing other international aviation opportunities and is aiming to make the name a key brand within the international aviation industry.

“Throughout its ten year history ENOC has time and again, proven its worth as a productive and reliable joint venture partner,” said Sultan. “We are looking to build on this reputation to take this Government of Dubai name to shores much further afield and achieve our initial objective of diversification within the UAE economy.”

UGAFCO brings to a total of 27 the number of subsidiaries with the ENOC Group.

In a decade of excellence, the highly diversified ENOC Group has built a constantly expanding portfolio of subsidiaries and joint ventures. The Group’s interests span areas as diverse as refining to information technology supply, from shipping to petroleum retailing.

Since 1984, ARABASCO has been Saudi Arabia’s premier fixed base operator and maintenance facility offering a wide range of operational, maintenance and management support services to the VIP, private and business aviation communities of the region.

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Posted by Richard Price, Editor

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