Dubai Oil Trader ENOC Expands Into Agricultural Commodities - Bloomberg Business:
"Emirates National Oil Co., Dubai’s government-run energy company, is expanding into agricultural commodities to diversify its business and offset past losses from retail fuel sales.
ENOC’s new unit will deal mainly in wheat and rice, Chief Executive Officer Saif Al Falasi said Thursday in an interview in Dubai. The company will give the new business about two years to become profitable, he said.
Dubai, the second-largest sheikhdom in the United Arab Emirates, has become the Middle East’s most dynamic trading hub, housing bankers and lawyers serving the wider region by building its economy on trade and transport links. Yet U.A.E. oil companies have until recently lost money from selling subsidized gasoline. The government, seeing its income squeezed by lower crude prices, scrapped the aid and raised retail fuel prices in August."
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