Dubai government-owned Emirates National Oil Co (Enoc) said the company will expand into agricultural commodities to diversify its business and offset past losses from retail fuel sales. Initially it will be wheat and rice, Chief Executive Officer Saif Al Falasi said in an interview in Dubai. The company will give the new business about two years to become profitable, he said.
ENOC this year bought Dragon Oil Plc in which it already owned a majority stake, in an acquisition totaling almost $3 billion. The transaction gave ENOC full control over Dragon’s production in Turkmenistan as well as an outlet for further exploration.