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Established in 1993, ENOC is a wholly owned company of the Government of Dubai, through the Investment Corporation of Dubai. [1] In 1999 ENOC opened its first oil refinery, which produced 120,000 barrels per day (19,000 m 3 /d) and cost about AED 1.5 billion.
ENOC had attempted to buy the remaining percentage since 2009, at 455p a share, and offered 650p in March 2015. The final price was 800p a share, after extensive back and forth with different minority shareholders. [19] [20] [21]
In 2015, Borse Dubai sold its $2.2bn stake in the London Stock Exchange, [48] [49] while Emirates National Oil Company (ENOC) acquired full ownership of Dragon Oil, an exploration and production company in Turkmenistan. [50] DAE divested its interest in American MRO provider StandardAero to New York-based private equity firm Veritas Capital. [51]
The Jebel Ali refinery was constructed from 1996 to 1999. It is located in Dubai and operated by the Emirates National Oil Co. (), which is owned by the Government of Dubai.
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