close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Emarat needs ADNOC to take over

UAE-ADNOC-Emarat pump stations

A UAE plan to phase out the generous subsidies in the OPEC member have quietly been shelved after widespread social unrest across the Arab world, which has so far spared the UAE.

0

January 28, 2013 12:07 by



United Arab Emirates fuel retailer Emarat is in the process of transferring 74 of its pump stations in the northern emirates to Abu Dhabi National Oil Company (ADNOC) in a move to save Emarat millions of dollars a year, three industry sources said.

“ADNOC has been supplying the fuel for these stations,” a source at Emarat said, adding that the day-to-day management of the stations was still being handled by Emarat.

“The stations are still under our umbrella, the staff is under Emarat contracts. But I think within a couple of months it will be fully taken over by ADNOC,” he said.

UAE federal fuel retailer Emarat and ADNOC signed a memorandum of understanding last May for Emarat pump stations in the poorer emirates of Sharjah, Umm Al Quwain, Fujairah and Ras Al Khaimah to be taken over by ADNOC.

A second source familiar with the matter said there was no financial transaction involved, as it was simply federal assets being handed over to ADNOC.

He said the handover was almost complete, saving Emarat around 80 million dirhams ($22 million) each month by slashing the volume of fuel it sells for much less than it buys it for.

Heavy fuel subsidies are a widespread social benefit across Gulf Arab countries, but leave those fuel retailers who are not linked to large oil producers like ADNOC taking billion dollar losses selling gasoline at well below their acquisition cost.

A UAE plan to phase out the generous subsidies in the OPEC member have quietly been shelved after widespread social unrest across the Arab world, which has so far spared the UAE.

Dubai government-owned Emirates National Oil Company (ENOC), Emirates Petroleum Products Co (EPPCO) and Emarat have been hit hardest as cash-strapped Dubai government has not compensated the companies for years.

ADNOC’s profitable upstream activities easily cancel out any losses at its fuel pumps, analysts say. ADNOC distribution was not available for comment.



0

Tags: , , ,

Leave a Comment