Dubai-based Emirates National Oil Company is looking to invest up to $2 billion next year as it explores potential to develop a liquefied petroleum gas terminal in Bangladesh this year, its chief executive said.
After expansion of its refinery in Jebel Ali, Enoc is targeting $1 to $2bn in investments, Saif Al Falasi told a newspaper. The outlay excludes investments by its exploration and production subsidiary Dragon Oil.
"Dragon Oil has $14bn [planned investment] because they have existing oilfields and they have to continue spending on the oilfields and they have to continue spending to produce oil," said Mr Al Falasi.
"In Egypt we have concessions, it depends on going there and drilling and recovering. [We're also moving] into jet fuel expansion."
The Dubai energy company, which has the largest refinery in the emirate, has been eyeing new opportunities to trade products in Africa as well as entering the fuel retail business in Saudi Arabia.