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Enoc to enter farm commodities

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 decided to open the agricultural unit “when we were losing a lot of money to the subsidies,” Al Falasi said. He did not announce specific dates for the launch of new operations.

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.