ENOC (Emirates National Oil Company) is UAE diversified company owned by the Government of Dubai. The head office of the company is situated in Dubai. Its core business is crude production, LPG processing and other petroleum products and services. ENOC core petroleum business has been diversified into other sectors including 24-hour convenience stores, kids' stores, car washes, and oil change outlets. Besides this in the past couple of years, ENOC has created partnerships with worlds' leading brand manufacturer for offering superior quality fast foods, pharmaceutical stores, services like fax and photocopying and utility bills payment through credit cards. Recently, ENOC has launched Pronto that provides fresh foods featuring freshly-baked products and gourmet coffee.
ENOC is leading the retail market in UAE and is known for introducing new concepts, offers and initiatives. The company has established itself as customer-responsive organization, and always its service levels are benchmarked against international giant firms. An example of this is its recently introduced Service Stations. After a series of extensive consumer research ENOC has introduced a modern self-serve concept, across its chain of service stations in Dubai and at Northern part of UAE. As in response to customer feedback the company has taken the decision of self-service concept, it has helped the company to add customer-responsive technical and operational aspects to the new idea. ENOC has also been looking into several ways to improve the self-serve concept and make it more suitable to its target market.
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During the recent years ENOC has changed its strategy due to the fact that paradigm shifts have been witnessed in its core petroleum business. The company has pasued the current strategy and after the necessary review, formulates a new robust corporate strategy that will provide ENOC clear direction for its business, having both medium and long term objectives.
The company has witness considerable growth in the topical period, but there are still enormous opportunities for further enhancement and diversification. The company used its strategic planning process for formulation of corporate mission and for each of the Group thereby, set the wheel in action to redefine and guide the business on the path to greater accomplishment. The company uses the best practice benchmarks and expertise for setting target for various units the organization owned.
ENOC vision states that what kind of business enterprise ENOC thoughts of becoming in the future. ENOC vision is not just a forecast of its future but a cerebral image of what ENOC want to become. It describes a preferred end in inspirational terms and induces purposive action. ENOC Vision is as follow:
"To be a leading regional integrated oil & gas group highly profitable and socially responsible towards employees, community and environment" (ENOC 2009)
ENOC vision has been stated in determined long-term target and hence serves as a base for strategy formulation. ENOC clear vision helps the company to stay focused on its outlook and to take initiatives on growth-oriented activities.
ENOC Mission Statements:
ENOC mission statement is the description of its current business and market position, its planning for the future and how it plans to get to its desired future position. Social responsibility is the core value for ENOC, therefore its mission stand as follow:
"Achieving sustainable development and highly profitable growth
Serving growing energy needs of Dubai
Attracting, developing and retaining top talent to become the employer of choice
Adopting latest technologies and implementing best practices thus achieving world-class performance
Meeting and exceeding customer expectations in terms of quality and service
Maintaining high industry standards in Environment, Helth and Sefety" (ENOC 2009)
The company's missions depict its promise to constant development and continued profitability by utilizing its resources effectively and efficiently. ENOC mission is very effective as it is clear, inspiring and its contents satisfy ENOC insiders as well as outsiders. The clarity of Mission gives ENOC personnel focus and precise information of ENOC's tasks, objectives, and what the organization expects of them.
Values are the core beliefs of ENOC; it serves as the standards the firm is dedicated to, that will guide the firm to its mission and hence vision. Values provide foundation for ENOC's culture and are not easily change but are strong and deep-rooted. At ENOC well-built values form the strategic philosophy and behavior of its management by shaping their perceptions. By refining appropriate values and reinforcing them, ENOC ensures that its strategies for meeting its vision and overall mission are realistically executed.
Always on Time
Marked to Standard
At ENOC the aim of corporate governance is to accomplish a most wanted outcome from the performance of the management. This is due to the motivation because its boards of director and its top management are competent, objective, and employs sound navigation system. At ENOC corporate governance also focuses on the behavior of the top management and the mechanisms used in governance. It is due to the reason that ENOC has aligned the interest of its management through stock options and bonuses that has been linked to performance.
On the other hand by close monitoring of management activities through auditing accounts and periodically evaluating performance, ENOC has established a self-serving check and balance system. Moreover managers are empowered to take decision and risk. By this way ENOC mangers are fundamentally accountable and supportive, as they have the authority to make their decisions in the best interest ENOC.