Adnoc takes control of Emarat pump stations
Abu Dhabi, May 28, 2012
Abu Dhabi National Oil Company's (Adnoc) distribution arm will take over 74 fuel stations run by fuel retailer Emarat in every emirate in the UAE except for Dubai, state news agency Wam said on Monday.
The move by Adnoc Distribution comes as three of the country's four fuel retailers - Dubai government-owned Emirates National Oil Co (Enoc), Emirates Petroleum Products Co and federally owned Emarat - grapple with years of losses due to government fuel price caps and higher gasoline prices.
The fourth fuel retailer is Adnoc, whose large crude oil fields allow it to keep its petrol stations going even with fuel prices set at less than 50 US cents a litre.
Emarat's payment problems contributed to fuel shortages in the poorer northern emirates last year. - Reuters