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FINANCIAL NEWS
Adnoc buys rival Emarat’s pump stations
29 May 2012
(MENAFN) Adnoc Distribution, a unit of Abu Dhabi National Oil Company, is set to acquire 74 fuel stations run by fuel retailer Emarat in all emirates but Dubai, state news agency Wam reported.
The move aims to further strengthen its business across the UAE, as its 3 other competitors, Dubai government-owned Emirates National Oil Co (Enoc), Emirates Petroleum Products Co and federally owned Emarat struggle with years of losses due to government fuel price caps and higher gasoline prices.
Also, Emarat’s payment problems contributed to fuel shortages in the poorer northern emirates last year.
Adnoc is supported with its large crude oil fields, which allow it to keep its petrol stations going even with low fuel prices.
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