Emirates National Oil Company (Enoc) and its subsidiary Enoc International Sales Limited (EISL), have purchased the 40 per cent shareholding in Emirates Petroleum Products Company (Eppco) of Caltex Trading and Transport Corporation (Caltex).

Analysts described the move as a major development within the UAE's downstream petroleum sector.
The buy-out makes Eppco - which operates a 129-strong service station network throughout Dubai and the Northern Emirates - a wholly-owned subsidiary of Enoc, a Government of Dubai company.
 "This transaction is aimed at further streamlining Enoc's operations and brand equity in petroleum retailing," said Hussain Sultan, group chief executive and board member, Enoc. 
"However, the Group's long and highly successful relationship with Caltex will still continue across some areas."
EISL and Caltex will remain partners in two existing joint ventures: Eppco Projects Com-pany, which operates Eppco Aviation and Eppco Lubricants; and Eppco International, which owns and operates the UAE's largest refined petroleum terminalling facilities.
In addition, Enoc will continue to provide corporate management, internal audit, finance and administration and other services to both Eppco Projects and Eppco International.
Caltex products will continue to be on sale at the 157-strong Eppco and Enoc service station network throughout Dubai and the Northern Emirates.
 "Eppco will retain the Caltex proprietary 'Star Mart' convenience store trademarks at its retail outlets for the time being, but within five years, we intend to re-brand them to the Enoc trademark," said the chief executive.